Equities Market Opens Trading on Negative Note

By Goddy Egene

Sell pressure in bellwethers such as Nigerian Breweries Plc, Unilever Nigeria Plc, FBN Holdings Plc and Lafarge Africa Plc led to a bearish trading in the first day of the week. As a result, the Nigerian Stock Exchange (NSE) All-Share Index fell 0.14 per cent to close at 32,413.00 Monday, while market capitalisation shed N15.9 billion to be at N11.8 trillion. The decline is a departure from the growth recorded last Friday.

According to analysts at Meristem Stockbrokers Limited, “the sentiment in the market was mixed today. Some of the gains in the consumer goods sector were offset by losses on heavily weighted stocks like Nigerian Breweries Plc and Guinness Nigeria Plc, amidst selling pressure on many banking tickers.”

A total of 17 stocks declined. Fidson Healthcare Plc led the price losers with 10 per cent. WAPIC Insurance Plc trailed with 9.0 per cent, just as UACN Property Development Company Plc followed with 8.0 per cent. Lafarge Africa Plc and Unilever Nigeria Plc shed 6.5 per cent and 5.2 per cent respectively.

In the same vein, activity level waned as volume and value traded fell 43.7 per cent and 57.1 per cent to 91.4 million share units and N960.9 million respectively.