Economy and Business

Again, Nigerian Exchange opens with N34 billion loss

The Nigerian Exchange (NGX) reopened trading for the week on Monday with a loss of N34 billion on profit taking in high capitalised stocks. Specifically, the market capitalisation which opened at N19.626 trillion lost N34 billion to close at N19.592 trillion.

Also, the NGX All-Share Index dropped by 73.01 points or 0.19 per cent to close at 37,585.25, from 37,658.26 achieved on Friday. The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Presco, BOC Gases, Conoil, Africa Prudential and Zenith Bank.

The market sentiment closed negative with 18 laggards against 13 gainers. BOC Gases led the losers’ chart in percentage terms by 9.95 per cent to close at N9.50 per share.

Royal Exchange followed with 7.94 per cent to close at 58k, while Unity Bank lost 5.17 per cent to close at 55k per share. Mutual Benefits Assurance dipped 4.76 per cent to close at 40k, while Honeywell Flour Mills shed 4.52 per cent to close at N1.48 per share.

On the other hand, Ikeja Hotels dominated the gainers’ chart in percentage terms with 10 per cent to close at N1.10 per share. Fidson Healthcare followed with a gain of 7.91 per cent to close at N6, while Linkage Assurance rose by 7.69 per cent to close at 70k per share.

Chams increased by five per cent to close at 21k, while FCMB Group gained 3.33 per cent to close at N3.10 per share. Also, the total volume of shares traded declined by 19.34 per cent with an exchange of 163.50 million shares valued at N3.44 billion in 3,562 deals.

This was in contrast with a total of 202.72 million shares worth N2.41 billion transacted in 3,630 deals on Friday.Transactions in the shares of FBN Holdings topped the activity chart with 18.11 million shares valued at N130.42 million.

United Bank for Africa sold 13.01 million shares worth N94.44 million, while Guaranty Trust Holding Company traded 11.85 million shares valued at N355.41 million. MTN Nigeria Communications traded 9.20 million shares worth N1.50 billion, while Zenith Bank transacted 8.81 million shares worth N208.62 million.

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