Stock Market begins week on investors’ profit-taking

The stock market of the Nigerian Exchange Limited (NGX) on Monday closed transaction for the first trading day of the week in the red, thereby halting the bullish run.

The All-Share Index decreased by 8.81 basis points or 0.02 per cent to close at 47,428.67 points. Similarly, the market capitalisation lost N5 billion to close at N25.561 trillion.

Market sentiment, as measured by market breadth was negative, as 22 stocks declined relative to 19 gainers. R.T. Briscoe Nigeria recorded the highest price gain of 9.59 per cent to close at 80 kobo, per share. Ecobank Transnational Incorporated (ETI) followed with a gain 7.27 per cent to close at N11.80, while AIICO Insurance appreciated by 6.52 per  to close at 49 kobo, per share.

Niger Insurance went up by 4.55 per cent to close at 23 kobo, while Mutual Benefits Assurance and Caverton Offshore Support Group appreciated by 3.85 per cent each to close at 27 kobo and N1.35 respectively,  per share. On the other hand, Eterna and Computer Warehouse Group (CWG) led the losers’ chart by 10 per cent each to close at N5.04 and 99 kobo respectively, while Royal Exchange   followed with a decline of 9.92 per cent to close at N1.09, per share.

Veritas Kapital Assurance lost 8.70 per cent to close at 21 kobo, while SCOA Nigeria shed 8.13 per cent to close at N2.60, per share.

However, the total volume traded rose by 11.00 per cent to 1.289 billion shares, worth N7.919 billion, and traded in 4,735 deals. Transactions in the shares of FCMB Group topped the activity chart with 1.024 billion shares valued at N3.839 billion. Fidelity Bank followed with 38.138 million shares worth N108.874 million, while Zenith Bank traded 28.462 million shares valued at N768.124 million.

Transnational Corporation of Nigeria (Transcorp)  traded 20.999 million shares valued at N23.791 million, while Guaranty Trust Holding Company (GTCO)  transacted 17.017 million shares worth N455.384 million.