LAGOS (Sundiata Post) – The stock market began the week with a slight downturn on Monday, as key performance indicators dipped by 0.01 per cent.
Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation decreased by N8 billion, or 0.01 per cent, closing at N68.945 trillion, down from N68.953 trillion recorded on Friday.
Similarly, the All-Share Index fell by 0.01 per cent or 12.54 points to close at 109,697.83, compared to the previous close of 109,710.37.
This decline, following four days of upward movement, was largely due to investors taking profits.
Market sentiment was positive, with 46 stocks gaining value and 23 stocks declining in spite of the overall bearish trend.
On the gainers’ chart, Ikeja Hotel soared by 10 per cent, settling at N15.40, while Tantalizer also grew by 10 per cent, closing at N2.53 per share.
Beta Glass rose by 9.98 per cent, finishing at N258.50 and Champion Breweries gained by 9.97 per cent, ending the session at N7.50 per share.
Similarly, Northern Nigeria Flour Mills increased by 9.97 per cent, closing at N131.85 per share.
On the flip chart, The Initiates declined by 10 per cent, finishing at N6.12 while ABC Transport dropped by 9.83 per cent, closing at N2.66 per share.
University Press lost by 9.77 per cent to close at N3.97 and FTN Cocoa Processors fell by 9.65 per cent, settling at N2.34 per share.
Also, RT Briscoe shed by 9.52 per cent, closing at N1.90 per share.
A total of 486.09 million shares worth N11.38 billion were exchanged across 24,883 transactions.
This is in contrast with 431.78 million shares worth N8.599 billion that was exchanged across 16,400 transactions on Friday.
Transactions in the shares of Access Corporation topped the activity chart with 45.12 million shares worth N1.05 billion.
Fidelity Bank followed with 39.41 million shares valued at N799.699 million while Guaranty Trust Holding Company traded 32.44 million worth N2.207 billion.
Cutix transacted 24.09 million shares valued at N67.02 million and United Bank for Africa sold 20.59 million shares worth N716.69 million.
Reacting to the market activity and mild decline, Mr Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Partners, described the market as a balanced one.
Olayinka said the decline was as a result of profit-taking after a four-day bullish trend which he said was a normal development.
Reacting to the market activity and mild decline, Mr Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Partners, described the market as balanced.
Olayinka attributed the slight dip to profit-taking following a four-day bullish trend, adding that it as a normal market correction.
“The decline was not so significant; it is expected that after some days of bullish performance, profit-takers will want to realise their gains. It’s a balanced market anyway,” he stated. (NAN)
