Nigerian equities reopened this week with a tinge of profit-taking as investors sought to rebalance their portfolios as the month draws to an end.
Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average day-on-day decline of 0.31 per cent, equivalent to net capital depreciation of N40.3 billion.
The All Share Index (ASI)-the benchmark index at the Nigerian equities market, declined from its opening index of 37,365.91 points to close at 37,250.78 points. Aggregate market value of all quoted equities also declined from its opening value of N13.009 trillion to close at N12.973 trillion. The difference between the ASI and market capitalisation was due to the listing of N4 billion shares of Global Spectrum Energy Services Plc at the Exchange. The average year-to-date return thus moderated 38.61 per cent.
The NSE on Monday listed the entire issued share capital of Global Spectrum Energy Services, which lifted the market by N4 billion. a total of 800 million ordinary shares of 50 kobo each were listed at N5 per share.
With 18 advancers and 24 decliners, the negative market situation was due to widespread losses in the banking sector. Most sectoral indices closed positive. The NSE Banking Index dropped by 0.6 while the NSE Industrial Good Index closed flat. On the upside, the NSE Consumer Goods Index rose by 0.3 per cent. The NSE Insurance followed with a gain of 0.2 per cent while the NSE Oil and Gas Index inched up by 0.1 per cent.
Nestle Nigeria led the decliners with a drop of N15 to close at N1,290. Mobil Oil Nigeria followed with a loss of N2.10 to close at N167.90. Guinness Nigeria declined by N2 to close at N100. Stanbic IBTC Holdings lost N1.99 to close at N40 while Flour Mills of Nigeria dropped by N1 to close at N34.
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