Nigerian stock market opens week bearish as investors lose N76bn

Investors mislaid N76 cardinal connected the Nigerian banal marketplace connected Monday arsenic profit-taking successful selected ample and mid-cap stocks dragged equities little astatine the commencement of the trading week.

The downturn saw the Nigerian Exchange Limited, NGX All-Share Index (ASI) diminution by 0.05 percent, closing astatine 247,238.74 ground points, down from the opening level of 247,357.40 ground points.

Similarly, the marketplace capitalisation of listed equities fell by N76 billion, dropping from N159.587 trillion astatine the opening of trading to N159.511 trillion astatine the close.

Market breadth closed negative, with 28 gainers against 32 losers, reflecting sustained profit-taking crossed the broader market.

Leading the gainers’ illustration was CNIF, which precocious by 9.95 percent, rising from N127.60 to N140.30. It was followed by Thomas Wyatt Nigeria Plc, Lasaco Assurance Plc, Consolidated Hallmark Holdings Plc (CHH), and Chams Holding Company Plc.

On the losers’ table, SUNU Assurances Nigeria Plc shed 10.00 percent, followed by Transcorp Power Plc, International Breweries Plc, Neimeth International Pharmaceuticals Plc, and Austin Laz & Company Plc.

Investor sentiment remained cautious during the league arsenic profit-taking outweighed bargain hunting. Although buying involvement persisted successful security and user goods stocks, the antagonistic marketplace breadth underscored investors’ penchant ...