Nigeria

Equities market reverses seventh day gain by -0.1 per cent

Trading in the local bourse opened the week weaker on sell down of BUA Cement and some banking stocks.

Consequently, equities investors lost N7.45 billion as the market capitalisation of the Nigerian Stock Exchange (NSE) closed at N13.057 trillion on Monday as against N13.063 trillion it closed the previous week.

The benchmark index declined by 0.1 per cent to 25,027.61 basis points on Monday, to mark the first decline in seven consecutive trading sessions. Consequently, the Month-to-Date gain moderated to +1.4 per cent while the Year-to-Date loss increased to -6.8 per cent.

Sector analyses indicated that the Insurance, Consumer Goods and Oil & Gas indices recorded gains, while the Industrial Goods and Banking indices declined.

Market sentiment, as measured by the market breadth, was however positive as 17 stocks gained relative to 11 losers. Cornerstone Insurance and Unilever recorded the largest gains of the day having appreciated by 9.1 per cent and 7.1 per cent respectively, while Champion Breweries and Honeywell Flour were the top losers having depreciated by 9.5 per cent and 8.6 per cent respectively.

The total trade volume increased by 4.9 per cent to 175.33 million units, valued at N1.43 billion and exchanged in 4,294 deals. FBN Holdings was the most traded stock by volume at 22.94 million units while Guaranty Trust Bank was the most traded stock by value at N344.28 million.

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