Profit-takingPersist as Stock Market Open Week on Negative Note

The Nigerian equities market yesterday closed transactions for the first day in the new week on a negative note.

Consequently, the Nigerian Exchange Limited All-Share Index dropped by 6.16 basis points, representing a decrease of 0.02 per cent, to close at 38,915.62 basis points. Similarly, the overall market capitalisation value dropped by N3 billion to close at N20.276 trillion yesterday. According to them: “In the medium term, we expect the market to remain choppy. Additionally, market participants will be watching the fixed income space closely amid a hike in stop rates at the recent Nigerian Treasury Bills auction.”

Fidelity Bank went up by 4.35 per cent to close at N2.40, while International Breweries appreciated by 4.17 per cent to close at N5.00, per share. On the other hand, SCOA Nigeria led the losers’ chart by 10 per cent to close at N1.17, per share. Academy Press followed with a decline of 7.69 per cent to close at 36 kobo, while UACN Property Development Company down by 6.21 per cent to close at N1.51, per share.

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