These stocks caused NSE’s negative start to new week

Nigeria’s equities market opened the week on a negative note, no thanks to stocks like Dangote Cement Plc, Flour Mills Nigeria Plc, Guinness Nigeria Plc, FBN Holdings Plc, and NASCON Plc which led the laggards.

Despite a negative start to a new week, market watchers believe that with the rising inflation rate and the low yield in fixed income (FI) market, investors will continue to channel funds into the stock market in anticipation of better return.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) which opened the week at 41,176.14 points decreased by 0.23 percent to 41,082.38 points at the close of trading session while the value of listed equities on the Bourse moved from N21.530 trillion to N21.490trillion. Investors lost about N40billion. The market’s positive return year-to-date (Ytd) has moderated to 2.02percent, Monday’s trading data show.

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The market defies some analysts earlier views that the bullish momentum recorded last week would be sustained due to positive sentiments, though they expected to see some profit-taking activities. Though, there were 35 gainers as against 21 losers.

The shares of Dangote Cement Plc, the most capitalised listed company, dipped most from N237 to N234.6, shedding N2.4 or 1.01percent; it was followed by Flour Mills Nigeria Plc which decreased from N32.8 to N31, down N1.8 or 5.49percent.

Guinness Nigeria Plc followed the top laggards, from N19 to N18.5, shedding 50kobo or 2.63percent. Also, FBN Holdings was down from N7.6 to N7.3, losing 30kobo or 3.95percent, while NASCON dipped from N17.55 to N17.25, down by 30kobo or 1.71percent.

In 7,396 deals, investors exchanged 738,524,833 units valued at N4.172billion. Japaul Gold, Universal Insurance, Transcorp, FBN Holdings, and AXA Mansard were actively traded stocks.