Local stock market opens week lower as investors lose N30 billion

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Stock trading at the Nigerian Exchange Limited (NGX) begins a new week in the southern territory as the All-Share Index (ASI) loses weight to fall below 50,000 basis points (bps).

Specifically, the ASI fell 11 basis points to set the All-Share Index above 49,991.41 basis points from its previous close of 50,045.83 basis points.

The exit dragged both the monthly and yearly performance of the All-Share Index down 0.31% and 17.03% from their previous close of 0.42% and 17.16% respectively.

As a result, investors’ net worth declined by N30 billion on Monday as market capitalization followed ASI’s direction to stand at N26.969 trillion, down 0.11% from 26.994 trillion naira at the end of the previous trading session.
The Bears side dominated the market spread with 16 counters in the losers’ board opposed to 12 counters in the winners’ board.

CHAMS gained 7.69% to become the session’s best performing stock, flanked by Flour Mills of Nigeria, Nigerian Breweries, Pharmdeko and NPF Micro Finance Bank as they featured in the top five gainer chart. At the back of the table, ABC Transport, Japaul Gold, NGX Group, Wapco and Cutix filled out the top five losers table.

Major sector indices closed in the same direction as the ASI, except for the NGX consumer goods sector which gained 0.55%, while the NGX Oil&Gas, NGX Growth and NGX ASEM sectors closed flat .
Market activity, measured by both volume and value of trades, declined during the session, with daily traded volume standing at 200.920 million units, down 16.29% from compared to the volume of 240.020 million units traded in the previous session.

The value of these traded shares fell 46.00% during the session to 1.446 billion naira from a value of 2.677 billion naira recorded in the previous trading session.

The banking sector dominated the volume charts with Sterling Bank as the top stock traded by volume for the trading session, followed by Fidelity Bank, United Bank for Africa, Guaranty Trust Bank and Zenith Bank to complete the list of top five stocks. more traded in volume. .

In terms of value of shares traded, MTN Nigeria took the lead in the top five performers, flanked by Zenith Bank, Guaranty Trust Bank, Sterling Bank and United Bank for Africa.

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