Nigerian stocks fell for the second trading day in a row on Monday as the main equity index shed 0.13 per cent after sell-off in a number of mid-cap equities.
The market appears to have entered correction territory after shedding 0.22 per cent last week, its first in many weeks, and got off to a downbeat start on Monday as Presco, GTCO and WAPCO led the retreat.
Trade volume depleted by as much as two-fifths but turnover saw a slight improvement, increasing by 10 per cent.
The insurance Index received the biggest blow of the five sector indexes tracked by the exchange, contracting by 2.32 per cent.
“We anticipate continued market interest in the domestic equities space despite ongoing profit-taking,” analysts at broker and investment firm United Capital said in their forecast for this week seen by PREMIUM TIMES.
Market breadth, which measures the level of investors’ sentiment towards trade, was negative as 24 laggards were reported compared to 22 gainers.
The all-share index dropped 68.5 basis points to 52,911.5, while market capitalisation eased to N28.5 trillion
Year to date, the index is up 23.9 per cent.
TOP FIVE GAINERS
Conoil led gainers, appreciating by 9.95 per cent to close at N34.25. MRS grew 9.93 per cent to end trade at N14.95.
McNichols went up by 9.86 per cent to N2.34. Academy rose to N1.35, notching up 9.76 per cent in the process. NPF MFB completed the top 5, climbing up 8.02 per cent to N2.02
TOP FIVE LOSERS
Presco topped the losers’ chart, declining by 10 per cent to close at N180. Global Spectrum shed 9.97 per cent to end trade at N3.07. Neimeth fell to N1.59, losing 9.66 per cent in the process. Prestige slumped to N0.38, recording 9.52 per cent depreciation. UACN closed at N13.20, going down by 8.33 per cent.
TOP FIVE TRADES
A total of 263.3 million shares estimated at N3.5 billion were traded in 4,856 deals.
Jaiz Bank was the most active stock with 114 million of its shares worth N101.8 million traded in 98 deals. GTCO traded 12.9 million shares, priced at N302.8 million exchanged hands in 320 transactions.
Transcorp had 12.8 million shares valued at N16.7 million traded in 175 deals. Access Corporation traded 11.7 million shares estimated at N115.7 million in 179 transactions. Zenith Bank traded 8.5 million shares valued at N207 million in 351 deals.
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