NGX opens week negative with N83bn loss

The Nigerian equities market yesterday halted last Friday’s gain to begin the trading week negative following sustained sell pressure.

The market breadth closed positive with 21 losers and 18 gainers.

Key market indicators, the NGX ASI, declined by 0.40 per cent as bargain hunters sustained profit takings.

Consequently, the NGX All-Share Index dropped by 158.98 basis points or 0.40 per cent from 39,485.65 index points last Friday to 39,326.67 while the market capitalisation of equities depreciated by N83 billion to close at N20.489 trillion from N20.572 trillion.

On the activity chart, the insurance sub-sector dominated in volume terms with 47.95 million shares exchanged in 284 deals. The sub-sector was enhanced by activities in shares of CHI Plc and Sovereign Trust Insurance Plc.

Also, the premium sub-sector equally boosted by activities in shares of Zenith Bank Plc and Access Bank Plc followed with 33.95 million units traded in 1,124 deals.

In all, investors exchanged a total of 301 million shares exchanged in 4,716 deals.

Further analysis of the day’s trading showed that Honeywell Flour Mills Plc led the gainers chart by 9.89 per cent to close at N3.90 per share while UPDC Plc followed with 9.84 per cent to close at N2.01 per share and ABC Transport Plc with a gain of 9.09 per cent to close at 36 kobo per share.

On the flip side, Champion Breweries Plc led the losers’ chart by 7.73 per cent to close at N2.03 per share. Eterna Plc followed with a loss of 7.20 per cent to close at N6.96 per share while Linkage Assurance Plc dropped by 6.45 per cent to close at 58 kobo per share.

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