The Nigerian Exchange Limited (NGX) began the week on a negative note on Monday, recording significant losses of N108 billion as Northern Nigeria Flour Mills and two other companies experienced major dips in their stock values.
According to NGX market data, Monday's market capitalisation dropped by N108 billion, representing a 0.15 percent decline, closing at N72.680 trillion from the previous N72.788 trillion recorded on Friday. The All-Share Index also shed 170.77 points or 0.15 percent, closing at 115,258.77 from the previous close of 115,429.54.
Market analysts attribute the decline to profit-taking activities among investors, resulting in a negative market breadth with 43 losers outweighing 21 gainers.
Top Losers and Gainers
Northern Nigeria Flour Mills led the losers' table with a significant 10 percent drop, closing at N101.30 per share. Other major losers included Cileasing, which fell by 9.68 percent to finish at N4.20 per share, and University Press, which shed 9.27 percent to end at N4.99 per share.
Deap Capital Management and Learn Africa also recorded notable losses, declining by 8.99 percent and 8.43 percent to settle at 81k and N3.80 per share respectively.
On the positive side, Guinea Insurance topped the gainers' chart with a 10 percent increase, settling at 77k per share. Ellah Lakes followed closely with a 9.93 percent gain to close at N4.76, while Legend Internet soared by 9.87 percent to finish at N7.79 per share.
Royal Exchange and Fidson Health also recorded impressive gains of 9.68 percent and 9.64 percent, closing at N1.02 and N42.10 per share respectively.
Trading Volume and Activity
The day's trading saw a total of 721.75 million shares worth N22.01 billion exchanged across 22,100 transactions, compared to Friday's 933.26 million shares valued at N17.95 billion traded in 20,500 deals.
Access Corporation led the activity chart with 92.70 million shares worth N1.90 billion, followed by United Bank for Africa with 91.36 million shares valued at N3.09 billion. Zenith Bank traded 76.84 million shares worth N3.56 billion, while Fidelity Bank and Guaranty Trust Holding Company transacted 49.99 million and 40.46 million shares valued at N883.99 million and N2.85 billion respectively.
Market watchers suggest that investors should monitor these trends closely as they might indicate broader economic patterns in the Nigerian financial landscape.
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