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 had depreciated by 2.5 per cent last week on profit taking after a period of an unprecedented bull run.
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. “In the week ahead , we expect a mixed market performance due to continued profit-taking activities and positioning by early birds in dividend-paying stocks ahead of full year 2020 dividend declarations. We reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings,” they had said.
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.