Stock Market Opens Negative as Profit-taking Continues
The Nigerian stock market opened negative on Monday as profit-taking from Friday trading session continues.
Following its most impressive week year to date (YTD), the All Share Index (ASI) opened this new week on a negative note shedding 0.69% to close at 34,795.82 points.
This loss was spurred by a combination of profit-taking from the significant gains recorded last week (+12.97% wow), together a reduction in liquidity as foreign investors were largely absent from trade today.
Thus, the Market Capitalisation came in 0.69% lower at N18.82 trillion.
BOC Gases Plc (+9.92% to N5.32) emerged today’s top gainer following the announcement of its proposed sale of controlling interest of 60% to with TY Holdings Limited.
Neimeth Insurance Plc (+8.99% to N2.91), and Unity Bank Plc (+8.86% to N0.86) followed on the top gainers list.
Meanwhile, National Aviation handling company Plc (-10.00% to N2.34), Oando Plc (-10.00% to N3.00), and Dangote Sugar Plc (-6.90% to N0.27) were today’s top losers.
Performance across our coverage universe was largely negative, with 4 of 5 of Chapel Hill Denham’s coverage indices closing in the red.
Only the NSE industrial goods indices closed positive, gaining 34bps.
The losses in the NSE banking and NSE Consumer goods, Insurance and NSE oil and Gas indices at -4.43%, -3.75%, -3.09% and -1.71% dragged overall performance down.
The market’s activity was broadly weak, with volume and value traded declining by 47.40% and 52.81% to 654mn units and N7.686bn, respectively.
Today’s most traded stocks by volume were Zenith Bank Plc (94.03mn units), Transnational Corporation Plc (75.48mn units), and First Bank of Nigeria Plc (65.22mn units).
On the other hand, the top traded stocks by value are Zenith Bank Plc (N2.509bn), Guaranty Trust Bank Plc (1.161bn), and Dangote Cement Plc (N0.626 bn).
The Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) remained unchanged from last Friday’s closing prices.
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Stock Market Opens Negative as Profit-taking Continues
