The Nigerian stock market has started the week in a bad way with a heavy loss of N12 billion due to price losses in some highly capitalized stocks.
This is because the Nigeria’s inflation has slow down for the seventh consecutive month to 15.99 %.
The market capitalization which opened at N22.572 trillion shed N12 billion or 0.05 % to close at N22.560 trillion.
However, the All-Share Index lost 21.67 points to close at 43,230.34 from 43,252.01 that was achieved on Friday.
Accordingly, the month-to-date and year-to-date gains moderated to 2.8 % and 7.4 %, respectively.
The market bad performance was driven by price depreciation in large and medium capitalized stocks which are; MTN Nigeria Communications (MTNN), United Bank for Africa, Ecobank Transnational Incorporated (ETI), Dangote Sugar Refinery and FCMB Group.
This week, analysts at United Capital Plc expected the stock market to trade sideways in the absence of bullish triggers.
Therefore, the market size was positive as 20 stocks advanced against 14 stocks that declined.
Cutix recorded the highest price gain of 9.89 % to close at N3 per share.
The Livestock Feeds came second with 9.50 % to close at N2.19, while Mutual Benefits Assurance gained 7.41 % close at 29k per share.
Japaul Gold and Ventures was up by 4.76 % to close at 44k, while Prestige Assurance appreciated by 4.65 % to close at 45k per share.
Veritas Kapital Assurance led the losers’ chart in percentage terms by 8.70 % to close at 21k per share.
FTN Cocoa processors followed with 6.82 % to close at 41k, while Royal Exchange lost 5.66 % to close at 50k per share.
Regency Alliance Insurance dipped five % to close at 38k, while Chams shed 4.17 % to close at 23k per share.
The total volume of trades dipped 6.80 % to 293.43 million units valued at N4.29 billion exchanged in 4,239 deals.
This was in contrast to 314.85 million shares worth N6.65 billion traded in 3,400 deals on Friday.
All transactions in the shares of FBN Holdings topped the activity chart with 101.22 million shares valued at N1.24 billion.
Access Bank sold 44.17 million shares worth N416.97 million, while FCMB Group traded 34.85 million shares valued at N108.01 million.
Guaranty Trust Holding Company traded 18.46 million shares valued at N507.36 million, while Zenith Bank transacted 16.16 million shares worth N387.96 million.