NGX opens week with N9bn loss

Trading at the Nigerian Exchange (NGX) Ltd. started the week on Monday with a marginal loss of N9 billion.

Specifically, the market capitalization which opened the week at N20.591 trillion shed N9bn or 0.04 percent to close at N20.582tr.

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Also, the All-Share Index dipped 16.94 points or 0.04% to close at 39,505.40 from 39,522.34 on Friday.

Consequently, month-to-date and year-to-date returns stood at 2.5% and -1.9%, respectively.

The market’s negative performance was driven by price depreciation in large and medium capitalised stocks amongst which are; CAP, Lafarge Africa, Zenith Bank, Fidelity Bank and Ecobank Transnational Incorporated.

Analysts at United Capital Plc said that, “This week, we expect the market to rally on the back of incoming earnings releases of large-cap banking names.”

They added that sustained decline in fixed income yields could trigger favourable sentiment toward the equities market.

However, the market closed positively with 24 gainers as against 15 losers.

Also, the total volume of trades declined by 25.2% to 141.28bn units valued at N1.64bn exchanged in 3,393 deals.

This was in contrast with 188.84m shares worth N3.22bn achieved in 3,267 deals on Friday.

Transactions in the shares of eTranzact International Plc topped the activity chart with 16.188m shares valued at N33.348m.

Fidelity Bank followed with an exchange of 10.44m shares worth N24.33m, while Transcorp traded 9.77m shares valued at N9.28m.

Consolidated Hallmark Insurance sold 9.18m shares worth N4.41m, while Access Bank transacted 7.59m shares valued at N69.03m. (NAN)