Nigeria stock market dips N38bn amid blue chips loss

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The nation’s stock exchange opened trading for the week on Monday with a loss of N38 billion due to profit taking on Ecobank Transnational Incorporated (ETI), Zenith Bank and Nigerian Breweries.

Specifically, the market capitalisation shed N38 billion or 0.21 per cent to close at N18.327 trillion from N18.365 trillion achieved on Friday.

Also, the All-Share Index which opened at 35,137.99 lost 73.63 points to close at 35,064.36.

Consequently, month-to-date and year-to-date gains moderated to 0.1 percent and 30.6 percent, respectively.

The downtrend was driven by price depreciation in medium and large capitalised stocks amongst which are; Nigerian Breweries, ETI, Dangote Sugar Refinery, Zenith Bank and Lafarge Africa.

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Transcorp Hotels led the losers’ chart in percentage terms with 10 percent to close at N3.60 per share.

ETI followed with a loss 8.47 percent to close at N5.40, while NPF Microfinance Bank declined by 5.06 percent to close at N1.50 per share.

Royal Exchange dipped 4.55 percent to close at 21k, while Mutual Benefits Assurance shed 4.35 percent to close at 22k per share.

Conversely, Livestock Feeds dominated the laggards’ chart in percentage terms with 9.92 percent to close at N1.33 per share.

Northern Nigeria Flour Mills followed with 9.90 percent to close at N6.88, while FTN Cocoa Processors rose by 6.90 percent to close at 31k per share.

Wapic Insurance went up by five percent to close at 42k, while PZ Cussons Nigeria appreciated by 4.17 percent to close at N5 per share.

However, the total volume of shares traded on the stock exchange increased by 10.74 percent with an exchange of 324.32 million shares worth N3.19 billion transacted in 4,105 deals.

This was against a total of 292.86 million shares valued at N1.29 billion achieved in 4,392 deals on Friday.

Transactions in the shares of United Bank for Africa topped the activity chart with 89.12 million shares worth N730.83 million.

FBN Holdings followed with 49.55 million shares valued at N354.75 million, while Access Bank traded 27.57 million shares valued at N235.98 million.

Mutual Benefits Assurance sold 19.98 million shares worth N4.39 million, while ETI transacted 16.09 million shares valued at N86.86 million. (NAN)

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