Stock Market Starts Week Bearish Drops by N11bn

The Nigerian stock market began the week on a cautious note, extending Friday’s downtrend with benchmark indices edged slightly lower, as market sheds N11 billion in value and the All-Share Index slip by 0.01 per cent on Monday.

As a result, the Nigerian Exchange Ltd. (NGX) market capitalisation fell by N11 billion, dropping from N75.962 trillion on Friday to N75.951 trillion.

The All-Share Index also declined by 17.19 points, closing at 119,978.57, compared to Friday’s 119,995.76 level. The slight decline was attributed to sustained profit-taking in LearnAfrica, Julius Berger, Cileasing, and 28 other stocks.

However, the market breadth was positive, with 32 gainers recorded against 31 losers.

Computer Warehouse Group led gainers, rising by 10 per cent to close at N12.65 per share. Caverton Offshore Support Group followed, increasing by 9.96 per cent to settle at N5.74 per share.

Neimeth International Pharmaceutical rose by 9.93 per cent, closing the day at N6.53 per share. FTN Cocoa Processors gained 9.91 per cent, ending the session at N3.66 per share.

Meyer Plc also appreciated by 9.84 per cent to close at N10.05 per share. Conversely, LearnAfrica dropped by 10 per cent to end at N4.59 per share.

Julius Berger declined by 9.97 per cent, closing at N112.00 per share while Cileasing also fell by 9.90 per cent, finishing at N4.64, also Thomas Wyatt Nigeria shed 9.62 per cent to settle at N1.88.

DAAR Communications dropped by 8.20 per cent, closing at 56k per share.

A total of 2.03 billion shares worth N44.34 billion were traded in 25,172 transactions. This represents a significant rise from Friday’s 625.78 million shares worth N12.78 billion exchanged in 21,800 transactions.

Royal Exchange topped the activity chart with 502.26 million shares worth N502.45 billion.

Oando Plc followed with 371.07 million shares traded, valued at N19.87 billion. Access Corporation transacted 328.38 million shares worth N7.23 billion.

UACN sold 128.77 million shares valued at N4.44 billion, while Livingtrust Mortgage Bank recorded trades of 112.19 million shares worth N539.66 million.