Goddy Egene
The stock market opened the week on negative note yesterday on continuing sell off in bellwether stocks. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) declined by 0.06 per cent to close lower at 31,125.39 while market capitalisation shed N6.5 billion to close at N11.6 trillion.
Contrary to expectations that the market will witness some bargain hunting following losses suffered by most stocks last week, the first day of the week recorded more price losses. In all, 20 stocks depreciated while 11 stocks appreciated.
Dangote Cement Plc, Zenith Bank Plc and Transcorp Plc, which some of the highly capitalised stocks, were among the price losers. But Ikeja Hotel Plc with 9.6 per cent, trailed by Cutix Plc that went down by 8.8 per cent. Sovereign Trust Insurance Plc shed 8.0 per cent, just as Wema Bank Plc, Linkage Assurance Plc and NEM Insurance Plc dipped by 7.7 per cent, 6.7 per cent and 6.0 per cent…
