The Nigerian stock market started the week on a negative note with a loss of N12 billion due to price losses in some highly capitalized stocks.
This is just as Nigeria’s headline inflation decelerated for the seventh consecutive month to 15.99 percent year-on-year in October.
Specifically, the market capitalization which opened at N22.572 trillion shed N12 billion or 0.05 percent to close at N22.560 trillion.
Also, the All-Share Index lost 21.67 points or 0.05 percent to close at 43,230.34 from 43,252.01 achieved on Friday.
Accordingly, the month-to-date and year-to-date gains moderated to 2.8 percent and 7.4 percent, respectively.
The market negative performance was driven by price depreciation in large and medium capitalized stocks which are; MTN Nigeria Communications (MTNN), United Bank for Africa, Ecobank Transnational Incorporated (ETI), Dangote Sugar Refinery and FCMB Group.
This week, analysts at United Capital Plc expected the stock market to trade sideways in the absence of bullish triggers.
However, market breadth was positive as 20 stocks advanced against 14 stocks that declined.
Cutix recorded the highest price gain of 9.89 percent to close at N3 per share.
Livestock Feeds came second with 9.50 percent to close at N2.19, while Mutual Benefits Assurance gained 7.41 percent to close at 29k per share.
Japaul Gold and Ventures was up by 4.76 percent to close at 44k, while Prestige Assurance appreciated by 4.65 percent to close at 45k per share.
Veritas Kapital Assurance led the losers’ chart in percentage terms by 8.70 percent to close at 21k per share.
FTN Cocoa processors followed with 6.82 percent to close at 41k, while Royal Exchange lost 5.66 percent to close at 50k per share.
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Regency Alliance Insurance dipped five percent to close at 38k, while Chams shed 4.17 percent to close at 23k per share.
The total volume of trades dipped 6.80 per cent to 293.43 million units valued at N4.29 billion exchanged in 4,239 deals.
This was in contrast with 314.85 million shares worth N6.65 billion traded in 3,400 deals on Friday.
Transactions in the shares of FBN Holdings topped the activity chart with 101.22 million shares valued at N1.24 billion.
Access Bank sold 44.17 million shares worth N416.97 million, while FCMB Group traded 34.85 million shares valued at N108.01 million.
Guaranty Trust Holding Company traded 18.46 million shares valued at N507.36 million, while Zenith Bank transacted 16.16 million shares worth N387.96 million. (NAN)
