• Thursday, May 23, 2024
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BusinessDay

Stock market opens new month in red

Market sees first dip after recent rally

At the end of the first trading day in the new month of November, Nigeria’s stock market closed in red zone amid profit taking activities by speculative buyers following last week’s gains of about N950billion.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.17percent on Monday to 30,479.39 points while the market capitalisation decreased to N15.931trillion from preceding day’s high of 30,530.69 points and N15.957trillion respectively.

“This week, we expect to see slight profit-taking at the start of the week,” Afrinvest analysts had said. In line with their expectations, investors took profit in stocks like Mobil, ETI, Julius Berger, C&I Leasing and International Breweries.

Mobil led the loser league after its share price moved from N196.1 to N190, dipping N6.1 or 3.11percent. Also, ETI decreased from N5.65 to N5.15, down by 50kobo or 8.85percent. Julius Berger decreased from N17.85 to N17.4, losing 45kobo or 2.52percent.

C&I Leasing dropped from N4.4 to N3.96, down by 44kobo or 10percent, while International Breweries Plc dropped from N7.37 to N7, losing 37kobo or 5.02percent.

The market’s year-to-date (ytd) positive return lowered to +13.55percent. Fidelity Bank, Zenith Bank, Dangote Sugar, Sterling Bank, and UBA were actively traded stocks. In 6,050 deals, investors exchanged 376,653,389 units valued at N3.802billion.