Profit taking: NGX opens week with N71bn losses

NEWS

The Nigerian stock market started the week’s transactions on Monday on a negative note with profit-taking in some blue chips.

Specifically, the AllShare Index dipped 136.30 points or 0.36 percent to close at 37,857.89 from 37,994.19 achieved on Friday.

Accordingly, the month-to-date and yearto-date losses increased to 0.1% and 6.0 per cent, respectively.

Also, the market capitalization shed N71 billion or 0.36% to close at N19.724 trillion compared with N19.795tr on Friday.

The performance was buoyed by investors’ profit-taking sentiments in all the major sectors except oil & gas stocks.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are: MTN Nigeria Communications (MTNN), Zenith Bank, BUA Cement, International Breweries and Lafarge Africa.

However, the market was positive with 16 gainers in contrast with stocks 13 losers.

Tripple GEE and Company dominated the gainers’ chart in percentage terms with 9.89 percent to close at N1 per share.

Regency

Alliance

Insurance followed with 8.89 per cent to close at 49k, while UPDC Real Estate Investment Trust went up by 7.44% to close at N1.30 per share.

FTN Cocoa Processors rose by 5.88 per cent to close at 36k, while mutual Benefits Assurance gained five per cent to close at 42k per share.

On the other hand, CWG led the losers’ chart in percentage terms by 9.52 percent to close at N1.14 per share. (NAN)