Equity Market Begins Week With N9bn Loss

Transactions on the floor of the Nigerian equity market on Monday extended losses as bears tighten their grip on the local bourse.

The market breadth also closed positive and recorded 12 gainers against 13 losers.

Consequently, the All-Share Index dipped 425.24 basis points or 0.07 per cent to close at 24,269.58 index points as against 24.287.66 recorded in the previous trading session .

The market capitalisation of equities depreciated by N9bn from N12.66tn last Friday to N12.67tn as market sentiment remained on the negative territory.

Meanwhile, a turnover of 305.10 million shares exchanged in 3,258 deals was recorded in the day’s trading.

The premium sub-sector was the most active (measured by turnover volume), with 99.66 million shares exchanged by investors in 1,106 deals.

Volume in the sub-sector was largely driven by trading activities on the shares of UBA Plc and Zenith Bank Plc.

Also, the insurance sub-sector boosted by trading activities on the shares of Sovereign Trust Insurance Plc and Mutual Benefits Assurance Plc followed with a turnover of 86.81 million shares in 108 deals.

Further analysis of the day’s trading showed that in percentage terms, GSK Plc topped the day’s gainers’ table with 9.47 per cent to close at N5.20 per share while Fidson Healthcare Plc followed with 9.43 per cent to close at N2.90 per share.

Linkage Assurance Plc added 9.38 per cent to close at 35 kobo per share.

On the other hand, Neimeth Pharmaceuticals Plc led the losers’ with a drop of 10 per cent to close at N1.35 per share while Cutix Plc shed 9.89 per cent to close at N1.64 per share.

Chams Plc trailed with 4.35 per cent to close at 22 kobo per share.