Stock market activities declined marginally on Monday. Acccordingly, major market indicators closed negative at the end of trading.
Both the Nigerian Stock Exchange’s All Share Index and market capitalisation of listed equities depreciated by 0.41 per cent on Monday, in contrast to the corresponding day of last week, when they both appreciated by 15 per cent.
At the end of the day’s trading activities, the NSE ASI shed 108.96 basis points to close at 26,609.34 basis points, while the market capitalisation fell by N35bn to N8.479tn. The indicators had opened the day at 26,718.30 and N8.514, respectively.
Analysts believed that the sluggish performance in trading activies on the first day of the week could be an indication that investors might not be able to match their impressive performance witnessed last week.
Activities on the floor of the Exchange were positive for four consecutive days – Monday to Thursday – last week, with the market closing negative only on Friday.
To the analyst, a wait-and-see attitude on the part of investors, who might be wary of rushing into making purchases, might not encourage a repeat performance of the positive trend witnessed for most part of the preceding week this week.
In all, shares of 27 companies, including Dangote Cement Plc – the market leader in terms of capitalisation – and eight banks depreciated, in contrast to the 19 stocks that appreciated.
Investors traded 215.756 million shares, valued at N1.634bn, in 3,856 , as against the 188.673 million shares, worth N1.466bn that exchanged hands in 4,046 transactions on Monday last week.
Despite the dip, the Financial Services Sector sustained its dominance of the market transaction volume with 166.80 million shares, worth N798.5m, traded in 2, 216 deals.
Japaul Oil and Maritime Services Plc led the losers on Monday, after it posted a loss of three kobo or -5.00 per cent to close at 57kobo.
Cap Plc from the Industrial Goods sector was second on the losers’ table, after it fell by N1.49 or -4.99 per cent to N28.35, from the N29.84 at which it opened.
Dangote Cement Plc dropped by N1.50 to N121 from N122.50 at which it opened, while Dangote Sugar Refinery Plc lost two kobo or -0.37 per cent to close at N5.43, after opening at N5.45.
Custodian and Allied Insurance, from the Financial Services sector, led the gainers on Monday with a gain of 10kobo or 7.75 per cent, after it opened at N1.29 and closed at N1.39. It was followed by UACN Property Development Company Plc from the Construction/Real Estate sector, which opened at N11.40 and closed at N12.00, recording a gain of 60kobo or 5.26 per cent.
Source:Punch (written by Simon Ejembi)