Equities Market Opens the Week with Mixed Performance

Egypt Stocks
  • Equities Market Opens the Week with Mixed Performance

Trading at the stock market resumed opened for the week on negative note as the Nigerian Stock Exchange (NSE) All-Share Index fell 0.40 per cent. However, the volume and value of trading surged.

After witnessing a bull run in the past days raising the year-to-day growth to 17.9 per cent last week, profit taking appears to be setting in. Consequently, the NSE ASI closed lower yesterday at 44,912.53, while market capitalisation shed N64.6 billion to be at N16.09 trillion.

Market analysts at Afrinvest had last Friday said there would be some profit taking this week.

“Although the market has sustained a three week long bullish momentum on the back of increased investor participation following the uptrend in global oil prices and in expectation of improved earnings at the commencement of fourth quarter earnings season, we expect some slight profit taking in the coming week,” they said.

Looking at the performance of market yesterday, the analysts attributed the decline to sell offs across board with GTBank Plc, Nestle Nigeria Plc and Unilever Nigeria Plc.

However, Transcorp Plc led the price gainers’ table with 9.2 per cent, trailed by Unilever Nigeria Plc with 5.9 per cent. Sterling Bank Plc went down by 4.7 per cent.

Diamond Bank Plc Honeywell Flour Mills Plc and Champion Breweries Plc shed 4.7 per cent, just as NPF Microfinance Bank Plc, May and Baker Nigeria Plc and Eterna Plc fell by 4.6 per cent among others.

On the other hand, Caverton led the price gainers with 9.9 per cent, trailed by Wema Bank Plc with 9.4 per cent. Skye Bank Plc and Unity Bank Plc appreciated by 9.3 per cent and 6.5 per cent, just as Cadbury Nigeria Plc and Jaiz Bank Plc chalked up 6.2 per cent and 5.1 per cent. Meanwhile, investors traded 4.436 billion shares worth N15.927 billion in 8,572 deals.

Sector Performance was mixed as three of five indices closed in the red while two trended northwards. The NSE Banking Index led losers, down 0.9 per cent, while the NSE Oil & Gas Index shed 0.6 per cent. Similarly, the NSE Consumer Goods Index closed 0.4 per cent lower.

On the positive side, the NSE Insurance Index led with 0.4 per cent gain followed by NSE Industrial Goods Index that rose 0.2 per cent.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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