Trading activities opened for the week on the Nigerian Stock Exchange (NSE) on a downward trend with the All-Share Index dropping by 0.12 per cent.
The News Agency of Nigeria (NAN) reports that the index lost 35.08 points or 0.12 per cent to close at 28,078.30 against 28,113.38 posted on Friday.
Similarly, the market capitalisation shed N10 billion to close at N9.708 trillion compared with N9.718 trillion achieved on Friday, due to price losses.
An analysis of the price movement chart indicated that Nigerian Breweries recorded the highest loss to lead the losers’ table with a loss of N3.12 to close at N140.84 per share.
Presco trailed with a loss of N1 to close at N48 and Cadbury dipped 53k to close at N10.12 per share.
Ecobank Transnational incorporated (ETI) was down by 49k to close at N9.13, while UACN declined by 34k to close at N14.56 per share.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the decline to ‘wait and see’ of investors to ascertain the outcome of the Monetary Policy Committee (MPC) meeting ending on May 23.
Omordion said that delay in the signing of the 2017 budget contributed to the investors’ behaviour as well as profit taking.
Conversely, Seplat led the gainers’ table, growing by N5.20 to close at N372.70 per share.
Total followed with a gain of N5 to close at N270 and Nestle garnered N1 to close at N836 per share.
PZ Industries increased by 90k to close at N18.90, while Okomu Oil also gained 90k to close at N50.90 per share.
NAN also reports that the volume of shares traded closed lower as investors bought and sold 208.34 million shares valued at N3.74 billion exchanged in 3,498 deals.
This was in contrast with a turnover of 305.97 million shares worth N5.39 billion transacted in 4,100 deals on Friday.
The banking stocks remained toast of investors with Diamond Bank emerging most traded with 36.89 million shares valued at N34.33 million.
Zenith Bank followed with 29.86 million shares worth N534.06 million, while Guaranty Trust Bank traded 22.14 million shares valued at N708.45 million.
United Bank for Africa sold 21.91 million shares worth N158.63 million and FBN Holdings exchanged 15.53 million shares valued at N63.23 million. (NAN)