Stocks shed N30bn to end gaining streak

NSE index

Stocks shed N30bn to end gaining streak


 

 

Investors lost N30 billion on Monday as the Nigerian stock market started the month on a negative note amid profit-taking, ending a five-day gaining streak.

The market capitalisation of equities listed on the Nigerian Stock Exchange had risen by 3.44 per cent last week as the market continued its upward trend for five consecutive trading sessions.

Investors gained over N1 trillion in January as the market capitalisation rose to N22.19 trillion on Friday from N21.06 trillion at the start of the month.

The domestic bourse closed as best performing Exchange in Africa and seventh in the world at the end of January, according to Bloomberg’s ranking.

The NSE All-Share Index on Monday dropped by 0.13 per cent to 42,357.90 basis from 42,412.66 basis points last Friday, while the market capitalisation fell to N22.16 trillionn from N22.19 trillio1n.

Twenty-eight stocks recorded price reduction on Monday, with Royal Exchange Plc topping the losers’ table as its share price dipped by 10 per cent to N0.36.

Guinea Insurance Plc saw its share price shed 9.09 per cent to close at N0.20, while African Alliance Insurance Plc dropped by eight per cent to close at N0.23 per share.


Julius Berger Nigeria Plc depreciated by 7.28 per cent to close at N21 per share, while Multiverse Mining and Exploration Plc lost 4.55 per cent to close at N0.21 per share.

Thirty-five stocks recorded gains at the close of trading on Monday, with Honeywell Flour Mill Plc leading the park as it rose by 10 per cent to close at N1.43 per share.

Champion Breweries Plc appreciated by 9.97 per cent to close at N3.42 per share, while McNichols Plc increased by 9.80 per cent to N0.56 per share.

Wapic Insurance Plc gained 9.26 per cent to close at N0.59 per share, while Jaiz Bank Plc increased by 9.23 per cent to close at N0.71 per share.