The Nigerian Stock Exchange started the week in a loss as 17 stocks recorded depreciation of various degrees.
The NSE market capitalisation fell to N14.976tn from N14.982tn recorded on Friday while the All-Share Index closed at 41,454.30 basis points from 41,472.10 basis points.
Negative sentiments hit the market, pushing the ASI down and relegating the year-to-date return at 8.4 per cent.
Monday’s bearish performance was largely due to profit-taking in Guaranty Trust Bank Plc, Unilever Nigeria Plc and Seplat Petroleum Development Company Plc, which dropped respectively by 3.4 per cent, five per cent and three per cent.
Consequently, the NSE equities capitalisation declined by N6bn while activity level weakened as volume and value traded fell by 32.2 per cent and 24.1 per cent to 379.934 million units and N5.132bn, respectively.
Access Bank Plc, Zenith Bank Plc and United Bank for Africa Plc were the top-traded stocks by volume to the tune of 77.9 million, 58.4 million and 44 million, respectively while Zenith Bank (N1.8bn), Access Bank (N885.1bn) and Nestle Nigeria Plc (N548.3m) were the top-traded stocks by value.
Performance across sectors was largely bearish as three of the five NSE major indices dropped, while two appreciated.
The oil/gas index led the losers, falling by 2.5 per cent following price depreciation in Seplat. The industrial goods index followed, shedding two per cent due to sell offs in Lafarge Africa Plc, which slumped by four per cent.
This was followed by the banking index which declined by 0.4 per cent following losses in GTBank and Diamond Bank Plc, which declined respectively by 3.4 per cent and 4.7 per cent.
However, the insurance and consumer goods indices gained by 1.3 per cent and 0.3 per cent, respectively driven by buying interest in NEM Insurance Nigeria Plc, Nigerian Breweries Plc, Nestle Nigeria and Dangote Sugar Refinery Plc, which rose respectively by 2.2 per cent, 1.9 per cent, 0.2 per cent and 0.7 per cent.
However, investor sentiment improved compared to Friday’s performance as 34 stocks advanced relative to 17 stocks that declined.
The top performing stocks were GlaxosmithKline Consumer Nigeria Plc, Custodian & Allied Plc and Multiverse Nigeria Plc, which appreciated by 10 per cent, 10 per cent and 9.5 per cent, accordingly while Forte Plc, Royal Exchange Plc and Unilever Nigeria emerged as the worst-performing stocks, shedding 9.1 per cent, 6.1 per cent and five per cent, respectively.
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