Stock market dips as investors continue profit-taking, NGX sheds N297bn
The Nigerian stock market started the week on a downbeat note on Monday, extending the losses recorded on Friday as key performance indicators slipped by 0.44 per cent.
The Nigerian Exchange Ltd. (NGX) saw its market capitalisation fall by N297 billion, dropping to N68.042 trillion from N68.339 trillion at the end of the previous trading session.
Similarly, the All-Share Index recorded a decline of 471.93 points, closing at 108,261.47 compared to Friday’s 108,733.40.
The slump was largely attributed to continued profit-taking activities in several major stocks including Dangote Sugar, Guaranty Trust Holding Company, Vitafoam, AIICO Insurance, Zenith Bank, Fidelity Bank and 20 other counters.
Despite the decline in key indices, market breadth remained in positive territory, with 39 equities recording gains while 26 declined.
Among the top performers was Meyer Plc, which rose by 10 per cent to close at N8.80. Multiverse Mining also appreciated by 10 per cent, finishing the session at N11 per share.
Smart Products Nigeria Plc matched that gain, climbing 10 per cent to end the day at 55k. Beta Glass saw a 9.99 per cent increase, closing at N176.70 per share, while Haldane McCall Plc advanced by 9.88 per cent to settle at N4.67 per share.
On the losing side, E-Tranzact International shed 10 per cent to close at N5.40, while John Holt dropped by 9.48 per cent, ending at N5.25 per share.
Union Dicon Salt declined by 9.47 per cent to finish at N7.65, and C&I Leasing Plc lost 8.31 per cent, closing at N3.86 per share. Linkage Assurance also recorded a loss, falling by 8.06 per cent to end at N1.14 per share.
A total of 414.57 million shares worth N10.72 billion were traded in 16,664 transactions. This was slightly lower than the 459.21 million shares valued at N11.164 billion exchanged in 15,723 deals on Friday.
Tantalizer led the trading activity chart with 49.19 million shares worth N113.21 million. VFD Group followed closely with 48.88 million shares valued at N782.31 million. Access Corporation traded 29.43 million shares worth N629.38 million.
Zenith Bank was also actively traded, with 24.316 million shares exchanged at a value of N1.18 billion, while AIICO Insurance recorded 19.108 million shares worth N30.98 million.
