The Nigerian equity market opened for the week on a negative note, declining marginally by 0.04 per cent as profit taking continued.
The market capitalisation of equities depreciated by N8bn from N17.84tn last Friday to N17.83tn as it had depreciated by 2.5 per cent last week on profit taking after a period of an unprecedented bull run.
The All-Share Index dipped 15.04 basis points or 0.04 per cent to close at 34,121.78 index points as against 34,136.82 recorded the previous trading session.
Although there were 46 price losers, gains by Dangote Cement Plc, BUA Cement Plc, Airtel Africa Plc and Nestle Nigeria Plc, which the leading capitalised stocks, moderated the losses, which led to the marginal decline.
Six stocks depreciated by 10 per cent led by Custodian Investment Plc. Others included: Ardova Plc, Honeywell Flour Mills Plc, Livestock Feeds Plc and Transcorp Plc.
Oando Plc and Neimeth International Pharmaceuticals Plc went down by 9.9 per cent, just as Guinness Nigeria Plc and PZ Cussons Nigeria Plc depreciated by 9.5 per cent and 9.4 per cent in that order among others.
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On the positive side, Airtel Africa Plc led the price gainers with 5.0 per cent trailed by BUA Cement Plc with 2.5 per cent. Dangote Cement Plc chalked up 3.4 per cent, just as Nestle Nigeria Plc and NEM Insurance Plc appreciated by 1.8 per cent ans 0.7 per cent respectively.
The total volume of trades increased by 64.7 per cent to 568.04 million units, valued at N7.33 billion, and exchanged in 8,928 deals. Zenith Bank Plc was the most traded stock by volume and value at 79.74 million units and N1.91 billion, respectively.
The premium subsector was the most active (measured by turnover volume), with 283.44 million shares exchanged by investors in 3,731 deals.
Volume in the sub-sector was largely driven by activities in the shares of Zenith Bank Plc and FBN Holdings Plc.
Also, the banking subsector was boosted by the activities in the shares of GTBank Plc and Fidelity Bank Plc followed with a turnover of 123.02m shares in 1,559 deals.
