See the 17 companies that drove stock market lower
The Nigerian stock market closed on a negative note on Monday as 17 companies saw their share prices decline at the end of trading.
The Nigerian Exchange Limited All-Share Index fell by 0.27 per cent to close at 38,545.3 basis points while the market capitalisation dropped to N20.09tn from N20.14tn on Friday.
A total of 209.21 million valued at N1.76bn was traded by investors in 3,390 deals on Monday.
Access Bank Plc was the most traded stock by volume at 22.72 million units, while Zenith Bank Plc was the most traded stock by value at N384.58m.
Seventeen companies, led by Fidson Healthcare Plc, recorded losses at the end of the trading on the floor of the NGX.
Other top losers were LASACO Assurance Plc, FTN Cocoa Processors Plc, Mutual Benefits Assurance Plc and Cornerstone Insurance Plc.
Eighteen companies saw their share prices rise at the end of trading, with Meyer Plc, Champion Breweries Plc, Julius Berger Nigeria Plc, Regency Alliance Insurance Company Plc and Ikeja Hotel Plc emerging biggest gainers.
Analysts at Cordros Capital Limited noted that the Nigerian equities market started the week’s trading negatively, as sell-offs on BUA Cement (-2.8 per cent) underpinned a 0.3 per cent decline in the benchmark index.
They noted that the month-to-date gain dropped to 0.3 per cent, while the year-to-date loss increased to 4.3 per cent.
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“Analysing by sectors, the industrial goods (-1.2 per cent), insurance (-1.1 per cent) and oil and gas (-0.1 per cent) indices declined while the banking (+0.1 per cent) and consumer goods (+0.1 per cent) indices recorded gains,” the analysts added.
Financial Derivatives Company Limited said last week that it expect the NGX to trade bearish as interest rates maintain the upward trend in the coming period.
“The tepid performance will also be compounded by weak investor sentiments,” FDC analysts said in a report.