The Nigerian Stock Exchange (NGX) opened the week on a down note, with investors losing N103 billion. Sell-offs in major banking stocks and cautious trading contributed to the decline.
The market capitalization fell to N56.069 trillion, and the All-Share Index dropped by 0.18%. However, a stockbroker assured that the recent labor strike is not affecting trading and a rebound is expected by mid-week. June is typically a positive month for the market due to renewed investment from dividends.
Despite the overall loss, there were some gainers, with Cornerstone Insurance and Deap Capital leading the pack. On the flip side, ETranzact and Unity Bank led the losers. Trading activity was also down compared to the previous day.
Source: Vanguard