The Nigerian Stock Exchange, NSE, crucial market indicators opened trading on Monday with a loss of 0.65 per cent.
The News Agency of Nigeria reports that the market capitalisation lost N84 billion or 0.65 per cent to close at N12. 877 trillion against N12. 961 trillion on Friday.
Also, the All-Share Index which opened at 26,855.52 dipped 174.21 points or 0.65 per cent to close at 26,681.31.
Analysts at Afrinvest Limited said: “We maintain our bearish stance for the market, although the current low prices of stocks present opportunities for bargain hunting.”
Also, Ambrose Omordion, Chief Operating Officer, InvestData Ltd., said that market performance would be mixed in the new week due to profit taking.
Mr Omordion said that discerning investors should take advantage of the current low stocks valuation to position for medium to long term.
Market breadth was negative, with five gainers compared with 28 losers.
A breakdown of the price movement chart shows that Guaranty Trust Bank recorded the highest loss to lead the laggards’ pack, shedding 90k to close at N29 per share.
Cadbury trailed with a loss of 85k to close at N9.05, while Berger Paint dropped 75k to close at N6.75 per share.
Dangote Cement was down by 70k to close at N142, while C &I Leasing declined by 55k to close at N5.40 per share.
Conversely, Eterna led the gainers’ table growing by 20k to close at N3 per share.
Mansard followed with a gain of 15k to close at N1.80, while Cornetstone Insurance gained 5k to close at 68k per share.
NPF Microfinance Bank added 4k to close at N1.15, while Fidelity Bank increased by 2k to close at N2. 04 per share.
However, investors traded 192.684 million shares worth N3.55 billion achieved in 3,594 deals.
This was against 197.04 million shares valued at N3.53 billion transacted in 3,989 deals on Friday.
Zenith Bank was the most active stock during the day, exchanging 24.23 million shares worth N450.06 million.
It was followed by UACN with an account of 19.62 million shares valued at N154.33 million, while Dangote Cement traded 12.86 million shares worth N1.80 billion.
FBN Holdings sold a total of 12.25 million shares valued at N79.01 million, while FCMB Group exchanged 10.02 million shares worth N17.92 million.