Stock Market Opens Week Bearish, Down By 0.32%

The Nigerian Exchange Limited (NGX) stock market started the week off poorly as sell-offs in MTN Nigeria Communications (MTNN) and 12 other stocks caused the index to decline by 0.32 percent.

The NGX All Share Index (ASI), which closed at 43,818.12 basis points, down by 138.64 basis points, or 0.32 percent. Similarly to that, the market cap decreased by N75 billion to N23.867.

Market mood was unchanged, as indicated by market breadth, with 13 equities seeing an equal amount of gains and losses. The company that saw the biggest price increase, 9.68%, to settle at 34 kobo per share was FTN Cocoa Processors. AXA Mansard Insurance increased 5.88% to settle at N1.62 per share, while Consolidated Hallmark Insurance gained 6.90% to conclude at 62 kobo.

Chams went up by 4.17 per cent to close at 25 kobo, while Union Bank of Nigeria (UBN) appreciated by 3.48 per cent to close at N5.95, per share.

On the other hand, John Holt led the losers’ chart by 9.88 per cent to close at 73 kobo, per share, per share. SCOA Nigeria followed with a decline of 9.71 per cent to close at N1.58, while Prestige Assurance lost 7.69 per cent to close at 36 kobo, per share.

Unity Bank lost 5.26 per cent to close at 54 kobo, while Africa Prudential shed 4.67 per cent to close at N5.10, per share.

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The total volume traded declined by 10.8 per cent to 187.094 million units, valued at N2.545 billion, and exchanged in 3,326 deals. Transactions in the shares of Access Holdings topped the activity chart with 87.923 million shares valued at N704.474 million.

Zenith Bank followed with 19.324 million shares worth N385.789 million, while Transnational Corporation of Nigeria (Transcorp) traded 10.680 million shares valued at N11.613 million.

Unity Bank traded 10.175 million shares valued at N5.340 million, while Nigerian Exchange Group (NGXGroup) transacted 5.256 million shares worth N112.846 million