Nigeria Stock Market Starts Week With N4 Billion Loss

On Monday, Nigeria’s stock exchange began trading for the week in a gloomy tone, with market indices falling by 0.02 per cent.

The market capitalisation, which began at ₦20.455 trillion, fell by ₦4 billion, or 0.02 per cent, to ₦20.451 trillion at the closing.

In addition, the All-Share Index fell 8.12%, or 0.02 per cent, to close at 39,252.89, down from 39,261.01 on Friday.

As a result, the month-to-date return and year-to-date loss were respectively 0.1 per cent and 2.5 per cent.

The drop was caused by a sell-off attitude in the consumer goods sector among market observers.

Price depreciation of major and medium-cap firms, such as Flour Mills of Nigeria, GlaxoSmithKline Consumer Nigeria, Stanbic IBTC Holding, Dangote Sugar Refinery, and May and Baker, drove the market down.

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Investor mood, as indicated by market breadth, was favourable, with 21 equities rising and 15 falling.

Linkage Assurance leads the gainers’ chart in percentage terms, closing at 61k per share, up 8.93%.

FTN Cocoa Processors gained 8.89% to close at 49k, while Mutual Benefits Assurance increased 7.140% to settle at 30k a share.

Ecobank Transnational Incorporated increased by 5.77 per cent to ₦5.50 per share, while Universal Insurance increased by 5% to ₦21,000.

GlaxoSmithKline Consumer Nigeria, on the other hand, led the losers’ list in percentage terms, closing at ₦6.15 per share.

Sovereign Trust Insurance dropped 7.69 per cent to close at 24k per share, while Consolidated Hallmark Insurance gained 8.62 per cent to close at 53k.

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University Press was down 6.03 per cent to N1.09 per share, while May and Baker fell 6.67 per cent to ₦4.48 per share.

The overall amount of trades climbed by 17.0% to 210.95 million units worth ₦1.38 billion in 3,989 transactions.

Transactions in the shares of Access Bank topped the activity chart with 30.52 million shares valued at ₦282.15 million.

Mutual Benefits Assurance followed with 26.83 million shares worth ₦8.004 million, while Sovereign Trust Insurance traded 21.38 million shares valued at ₦5.14 million.

Universal Insurance traded 12.95 million shares valued at ₦2.59 million, while Honeywell Flour Mills transacted 12.92 million shares worth ₦48.03 million.

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