NGX Opens Week On Bearish Trend, Down N20bn
Trading on the Nigerian Exchange (NGX) reopened for the week on Monday on a negative mood following profit-taking in some blue chips.
Specifically, the market capitalisation shed N20 billion or 0.10 per cent to close at N20.164 trillion from N20.184 achieved on Friday.
Also, the NGX All-Share Index dipped 39.70 points or 0.10 per cent to close at 38,686.40 from 38,726.10 posted on Friday.
Accordingly, month-to-date gain moderated to 0.7 per cent, while year-to-date loss increased to 3.9 per cent.
Capital market analysts attributed the bearish sentiment to investors sell-off in medium and large capitalised stocks, amidst rise in the yield of Federal Government June savings bond.
The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Guaranty Trust Bank, Unilever, Lafarge Africa, Union Bank of Nigeria and FCMG Group.
Analysts at United Capital Plc predicted that negative sentiments would dominate equities market this week following suspension of Twitter operations in Nigeria.
“We expect negative sentiments to dominate the equities market as knee-jerk reactions to the Federal Government’s decision to suspend the operations of Twitter in Nigeria kicks in.
“That said, we think the possible dips created by sell pressures may present decent entry points for buy orders,” they noted.
Market sentiment closed negative with 13 gainers in contrast with 28 losers.
Juli Plc led the losers’ chart in percentage terms with 9.93 per cent to close at N1.36 per share.
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