Stock market opens new week with 0.40% decline

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Stock market opens new week with 0.40% decline

The Nigerian Stock Market closed the first trading session of the week on a negative note with benchmark indices of the All-Share Index and Market Capitalization declining by 0.40 percent respectively.

The drop follows the investors’  profit-taking on some recently appreciated stocks such as Guinness, Nigerian Breweries, OKOMUOIL and 17 others.

The market breadth closed negatively, recording 20 losers and 14 gainers.

The ASI declined by 153.84 absolute points, representing a decrease of
0.40 percent to close at 38,712.55 points. While the overall Market Capitalization value lost N81.34 billion, representing a drop of 0.37 percent to close at N20.25 trillion, following the listing of additional 2.43 billion ordinary shares of eTranzact Plc (the Company) at N1.50 Kobo per share on the basis of ten (10) new ordinary shares for every nine (9) ordinary shares held as at Wednesday, 25 March 2020.

At the close of trading for the day, STANBIC emerged top loser by percentage points, with a price depreciation of 9.94 percent, while
JAPAULGOLD emerged as the top gainer by percentage points with a
maximum price appreciation of 9.52 percent.

The losses were driven by price depreciation in large and medium
capitalized stocks amongst which are GUINNESS (-8.70%), CUSTODIAN (-8.62%), PZ (-5.15%), FCMB (-4.11%), OKOMUOIL (-3.23%), INTBREW (-2.63%), DANGSUGAR (-2.06%), ETI (+2.04%),  NB (-1.76%), OANDO
(-1.59%),   TRANSCORP (+1.25%), and UBA (-0.71%).

Sector performance was largely bearish as four of five indices closed
in the red. The industrial goods index was the lone gainer, up 0.5 percent largely due to buying interest in DANGCEM (+0.4%).

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