LAGOS (Sundiata Put up) – The stock market began the week with a itsy-bitsy downturn on Monday, as key performance indicators dipped by 0.01 per cent.
Namely, the Nigerian Replace Ltd. (NGX) market capitalisation diminished by N8 billion, or 0.01 per cent, closing at N68.945 trillion, down from N68.953 trillion recorded on Friday.
Similarly, the All-Half Index fell by 0.01 per cent or 12.54 points to shut at 109,697.83, when put next to the old shut of 109,710.37.
This decline, following four days of upward circulate, used to be largely as a consequence of merchants taking earnings.
Market sentiment used to be particular, with 46 stocks gaining cost and 23 stocks declining despite the general bearish trend.
On the gainers’ chart, Ikeja Resort soared by 10 per cent, settling at N15.40, while Tantalizer furthermore grew by 10 per cent, closing at N2.53 per share.
Beta Glass rose by 9.98 per cent, ending at N258.50 and Champion Breweries won by 9.97 per cent, ending the session at N7.50 per share.
Similarly, Northern Nigeria Flour Mills elevated by 9.97 per cent, closing at N131.85 per share.
On the flip chart, The Initiates declined by 10 per cent, ending at N6.12 while ABC Transport dropped by 9.83 per cent, closing at N2.66 per share.
University Press misplaced by 9.77 per cent to shut at N3.97 and FTN Cocoa Processors fell by 9.65 per cent, settling at N2.34 per share.
Also, RT Briscoe shed by 9.52 per cent, closing at N1.90 per share.
A total of 486.09 million shares worth N11.38 billion were exchanged across 24,883 transactions.
That is in distinction with 431.78 million shares worth N8.599 billion that used to be exchanged across 16,400 transactions on Friday.
Transactions within the shares of Access Corporation topped the process chart with forty five.12 million shares worth N1.05 billion.
Constancy Bank followed with 39.41 million shares valued at N799.699 million while Guaranty Have confidence Preserving Firm traded 32.44 million worth N2.207 billion.
Cutix transacted 24.09 million shares valued at N67.02 million and United Bank for Africa sold 20.59 million shares worth N716.69 million.
Reacting to the market process and gentle decline, Mr Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Companions, described the market as a balanced one.
Olayinka mentioned the decline used to be as a results of profit-taking after a four-day bullish trend which he mentioned used to be a customary pattern.
Reacting to the market process and gentle decline, Mr Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Companions, described the market as balanced.
Olayinka attributed the itsy-bitsy dip to benefit-taking following a four-day bullish trend, adding that it as a customary market correction.
“The decline used to be no longer so foremost; it is anticipated that after some days of bullish performance, profit-takers will desire to possess shut their gains. It’s a balanced market anyway,” he mentioned. (NAN)
