WorldStage– Trading on the Nigerian Exchange dipped further on Monday and extended losses by N220 billion.
Specifically, the market capitalisation fell by N220 billion or 0.24 per cent to close at N89.524 trillion, down from N89.744 trillion on Friday.
Similarly, the All-Share Index shed 347.13 points or 0.24 per cent to close at 141,498.22, compared with 141,845.35 recorded on Friday.
Persistent selloffs in McNicholas, Ikeja Hotel, FTN Cocoa Processors, Nigerian Breweries, Honeywell Flour Mill and other laggards dragged the market into negative territory.
Market breadth also closed weak, with 28 losers against 22 gainers.
Mc Nicholas led the losers’ chart, dropping by 10 per cent, finishing at N3.33, Ikeja Hotel trailed by 9.80 per cent, settling at N20.70 per share.
FTN Cocoa Processors dropped by 8.33 per cent, ending the session at N5.50 while Nigeian Breweries fell by 7.64 per cent, closing at N70.15 per share.
Honeywell Flour Mill dipped by 6.79 per cent, settling at N20.60 per share.
Conversely, Royal Exchange led the gainers’ table by 9.80 per cent, closing at N2.24 while Secure Electronic Technology grew by 6.67 per cent, finishing at 80k per share.
CHAMS increased by 6.13 per cent, ending the session at N3.29 and Prestige Assurance rose by 5.75 per cent, settling at N1.84 per share.
Daar Communications gained by 5.66 per cent, closing at N.12 per share.
Analysis of the market revealed improvements in volume with decline in the turnover and deals.
A total of 488.6 million shares worth N13.7 billion were exchanged across 28,621 transactions, compared to 435.2 million shares valued at N15.13 billion that was traded across 24,309 deals earlier.
Transactions in the shares of Universal Insurance topped the activity chart in volume with 79.6 million shares worth N95.1 million.
Zenith Bank followed with 58.6 million shares valued at N3.86 billion while Nigerian Breweries sold 32.5 million shares worth N2.4 billion.
United Bank for Africa transacted 31.9 million shares valued at N1.4 billion and Secure Electronic Technology traded 22.2 million shares worth N17.8 million.
