The Nigerian stock market started the first trading session of the week bearish, shedding approximately N14 billion in market capitalization. The losses today were majorly attributable to profit taking and decline in the banking sector as GTCO, JAIZBANK and UBA all posted losses in today’s trading session.
The All-share Index (ASI) lost 0.05% from 49,370.62 basis points to close at 49,344.67 basis point. In the same vein, the market capitalization also lost 0.05% to close at N26.62 trillion. Year-to-Date (YtD), the NGX is still one of the top performing markets in the world as is has gained 15.52% so far.
Market breadth closed negative as COURTVILLE led 9 gainers while 19 losers were topped by FTNCOCOA at the end of today’s session.
On a sectoral level, 3 of the 5 major indices of the Nigerian Exchange closed negative. NGX Banking, Oil & Gas and Insurance indexes lost 0.69%, 0.07% and 0.11% respectively. NGX Industrial and Consumer Goods indexes gained 0.01% and 0.07% respectively.