Nigerian stock market who had opened up transaction for the month of November started off on the wrong foot as it market capitalisation records N32 billion loss in profit-taking.
In particular, the market capitalization, which began the month at N21.938 trillion, fell by N32 billion or 0.15 percent to N21.906 trillion.
In addition, the All-Share Index fell 61.81 points, or 0.15 percent, to settle at 41,976.79, down from 42,038.60 on Friday.
As a result, the year-to-date increase has slowed to 4.2%.
Eterna led the losers’ chart in percentage terms by 9.94 per cent to close at N7.79 per share.
UACN Property Development Company followed with a decline of 9.44 per cent to close at N1.63, while Courteville Business Solutions lost 9.09 per cent to close at 40k per share.
Price drops off large and mid-cap firms like as Eterna, Dangote Sugar Refinery, Nigerian Breweries, Oando, and Ecobank Transnational Incorporated contributed to the market’s dismal performance (ETI).
“Looking forward,” analysts at United Capital Plc said, “we predict continuing positive performance this week in response to the good results turnout and sustained domestic interest in the equities market.”
As a result, the market breadth closed negative, with 32 losers outnumbering 20 gainers.
Oando shed 7.92 per cent to close at N4.65, while Honeywell Flour Mills depreciated by 7.78 per cent to close at N3.32 per share.
Conversely, Fidson Healthcare and Guinness Nigeria dominated the gainers’ chart in percentage terms with 9.92 per cent each to close at N6.76 and N39.90 per share, respectively.
Sovereign Trust Insurance followed with a gain 9.09 per cent to close at 24k per share.
AIICO Insurance went up by 8.87 per cent to close at N1.35, while Regency Alliance Insurance appreciated by 8.11 per cent to close at 40k per share.
Also, the total volume of shares traded declined by 66.55 per cent to 378.151 million shares worth N3.24 billion traded in 6,384 deals.
This was in contrast with a total of 1.13 billion shares valued at N13.78 billion transacted in 5,458 deals on Friday.
Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 52.45 million shares valued at N13.71 million.
United Bank for Africa followed with 29.28 million shares worth N250.85 million, while FBN Holdings traded 27.55 million shares valued at N299.82 million.
AIICO Insurance sold 26.97 million shares worth N35.81 million, while Transcorp transacted 26.18 million shares worth N27.44 million.
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