NSE market indices open week with 1.05% loss

The Nigerian equities market resumed trading for the week on Monday still on a negative trend with the market indices nosediving by 1.05 per cent.
Speficially, the All-Share Index lost 294.90 points or 1.05 per cent to close at 27,772.19 compared with 28,067.09 achieved on Friday.
Also, the market capitalisation dipped N154 billion or 1.05 per cent to close at N14.464 trillion in contrast with N14.618 trillion posted on Friday.
Consequently, the month-to-date declined to 3.71 per cent, while Year-to-Date moderated to 3.47 per cent.
The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Nestle Nigeria, MTN Nigeria, Lafarge Africa, Guaranty Trust Bank and FBN Holdings.
Analysts at Afrinvest Limited stated that “We believe earnings releases will dictate performance this week, however, we are not optimistic about the market.”
United Capital Plc, however, noted that: “This week, we expect the market to remain half-hearted as seen in the past few weeks as earnings reports failed to sway investors.”
Nestle led the losers’ chart in percentage terms, dropping by 10 per cent, to close at N1,242 per share.
Linkage Assurance followed with a loss of 9.68 per cent to close at 56k, while May and Baker depreciated by 6.91 per cent to close at N2.02 per share.
Oando shed 4.17 per cent to close at N3.45, while Jaiz Bank dropped 2.90 per cent to close at 69k per share.
Conversely, Sovereign Trust Insurance led the gainers’ table in percentage terms, increasing by 10 per cent, to close at 22k per share.
Trans Nationwide Express trailed with 9.88 per cent to close at 89k, while NPF Micro Finance Bank appreciated by 9.82 per cent to close at N1.23 per share.
Prestige Assurance increased by 9.26 per cent to close at 59k, while Japaul Oil and Maritime Services appreciated by 9.09 per cent to close at 24k per share.
In the same vein, the total volume of shares traded declined by 34.14 per cent with an exchange of 200.16 million shares worth N1.92 billion exchanged in 3,487 deals.
This was in contrast with a total of 303.93 million shares valued at N6.39 billion traded in 4,343 deals on Friday.
Transactions in the shares of FBN Holdings topped the activity chart with 35.91 million shares worth N212.06 million.
Transcorp sold 24.63 million shares valued at N23.58 million, while Zenith Bank sold 18.57 million shares valued at N369.05 million.
UACN traded 14.16 million shares worth N120.22 million, while Fidelity Bank transacted 11.73 million shares worth N24.92 million.