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The six days of positive trading on the Nigerian Exchange Limited halted on Monday, resulting in a N130 billion loss for investors.
This marked a negative start to the week and the second day of bearish trading on the NGX in November. The first negative trading was on November 2.
Both the All-Share Index, which measures the movement of stocks on the local bourse dipped by 0.33 per cent or 237 points to close at 70,612.81. The market capitalisation also depreciated by the same percentage to close at about N38.80tn from N38.93tn recorded on Friday.
Market Breadth, which is the measure of investors’ sentiments, was positive resulting in 25 gainers and 18 losers.
The gainers were driven by stocks of Aluminium Extrusion Industries and RT Briscoe, which both appreciated by 10 per cent to close at N7.15 and N0.66. Newly-listed MeCure gained 9.95 per cent to close at N4.31 per unit, McNichols’ shares gained 9.84 per cent to close at N0.67 and DeapCap gained 9.68 per cent to close at N0.34.
The losers include JapaulGold, BUA Cement, Veritaskap, Universal Insurance and Chams Plc, which closed lower by 9.09 per cent, 7.76 per cent, 7.41 per cent, 4.00 per cent and 3.85 per cent to N1.80, N98.70, N0.25, and N2 per unit respectively.
Transaction volume dropped to 474.38 million from 556.70 million units valued at N7.75bn exchanged in 7,630 deals. The number of stocks that traded today was 123.
The stocks that garnered the most attention from investors include Fidelity Bank shares which had 94.05m units worth N858.55m traded in 426 deals, Japaulgold had 65.98m units of its shares valued at N120.98m exchanged in 549 deals, United Bank for Africa remained one of the top traded stocks even in the new week with 54,923,670 million units of its shares valued at N1.14bn exchanged in 384 deals.
Transnational Corporation Plc saw 25.981 million units of its shares traded in 199 deals. They were worth N161.12m and Jaiz Bank took the fifth spot on the volume chart with 21.710 million units of its shares worth N34.94m traded in 96 deals.
Meanwhile, analysts had projected that the bullish momentum in the market would persist on the back of improved corporate earnings and the commencement of the dividend season.
