Stock market opens negative, sheds N30bn

Trading activities on the floor of Nigerian Exchange (NGX) yesterday opened the week on a negative note, shedding N30 billion.

Market capitalisation of listed equities declined by 0.1 per cent to N28.634 trillion from N28.664 trillion reported the previous day. The NGX All Share Index also depreciated by 87.74 basis points to 53113.64 points from 53201.38 traded on Friday. Investors traded 299.994 million shares valued at N3.099 billion in 5394 deals against 273.243 million shares valued at N2.646 billion in 4584 deals.

The NGX trading result showed that eight companies closed in positive trend while 25 listed equities remained on negative direction.

An analysis of the investment showed that Learn Africa led gainers table during the day, increasing 9.72 per cent to N2.37, SUNU Assurance followed with a gain of 9.38 per cent to N0.37, Wapic Insurance gained 5.00 per cent to N0.42, Sterling Bank added 1.97 per cent to N1.55, Cornerstone Insurance up by 1.64 per cent to N1.66.

On the contrary, Cap Plc topped losers chart, dropping by 9.93 per cent to N18.15, Caverton trailed with a drop of 7.83 per cent to N1.06 , Livestock Feeds dipped by 6.25 per cent to N1.50, Transnational Corporation of Nigeria fell by 5.07 per cent to N1.31 , Champion Breweries down by 4.63 per cent to N3.50.