NGX Starts the Week on a Bearish Note, as ASI declines by 0.73%

The NGX started this week on a bearish note, as the All-Share Index declined by 0.73%, making Equity investors lose N437bn yesterday (Monday), on the back of sell-offs in some stocks, closing at 103,659.81 points, down by 761.42 from last Friday’s 104,421.23 points.

The Market Breadth, which is the measure of investors’ sentiment, was mixed as reflected in 28 losers and 28 gainers at the close of trading.

The gainer’s tables were led by Cadbury, Cornerstone Insurance, Meyer Plc, Daar Communications, and May & Baker, which gained 10 percent each to close at N22, N2.09, N4.73, N0.77, and N6.93.

However, on the losers’ table were Abbey Mortgage Bank, which lost 9.70 percent to close at N2.70; Livestock dipped by 9.66 percent to close trading at N1.87; Fidelity Bank lost 9.38 percent to close at N11.60, JAIZ Bank’s stock depreciated by 7.93 percent to close at N2.67 and MTN Nigeria lost 5.52 percent to close the day’s trading at N274 per unit.

The volume and value drivers of the day’s market trend were led by stocks of FBNHoldings, Nigerian Breweries, and Transcorp Plc.

FBNH emerged as the most traded security in terms of volume and value with 332.30 million units worth N8.95bn, changing hands in 767 deals.

Traded volume for the day was lower at 841.55 million units compared to the previous day’s volume of 943.51 million units. The units were valued at N19.32bn and traded in 13,674 deals.

The number of stocks traded stood at 124 at the close of trading.