Nigeria’s stock market opens week with N55bn loss

The nation’s bourse resumed transactions for the week on Monday with a loss of N55 billion following sell pressure in some blue chips.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil, MTN Nigeria Communications, Zenith Bank, Guaranty Trust Bank and Eterna. Also, analysts at APT Securities and Funds Limited advised investors to take advantage of the bearish outlook and position for mid to long term as daily position change is not foreseen yet as market technical are down at this time.NPF Microfinance Bank recorded the highest price gain of 10 per cent to close at N1.32, per share.

Wapic Insurance lost by 5.71 per cent to close at 33k, while Transcorp dropped 4.62 per cent to close at 62k, per share.

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