The Nigerian stock market resumed trading on Monday in red to halt the seven consecutive days gaining sessions due to profit taking.
The News Agency of Nigeria (NAN) reports that the market capitalisation dipped N80 billion or 0.38 per cent to close at N21.215 trillion from N21.295 trillion achieved.
Also, the All-Share Index which opened at 40,868.36 lost 154.36 points or 0.38 per cent to close at 40,714.00.
Accordingly, the month-to-date and year-to-date returns moderated to 1.2 per cent and 1.1 per cent, respectively.
The negative downturn was due to sell-off sentiments in majorly consumer goods and industrial sectors.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Nigerian Breweries, BUA Cement, Stanbic IBTC Holdings, Guaranty Trust Holding Company (GTCO) and Guinness.
However, the market breadth closed at par with 17 gainers and 17 losers.
Sovereign Trust Insurance led the losers’ chart in percentage terms by 8.33…
Source: Guardian Newspaper