The Nigerian stock market opened on a negative note Monday having sustained an unprecedented positive run last week. The Nigerian Stock Exchange (NSE) All-Share Index had soared by 5.9 per cent last week, the highest weekly growth this year and in recent times.
However, apparently taking a breather to plan for the week, investors' demand for shares was moderated. Also there were some profit-taking as well. As a result, the NSE All-Share Index closed 0.27 per cent lower than its last Friday's level.
The market gauge fell from 30,927.18 to close at 30,842.54, while market capitalisation of equities shed N27 billion, declining from N9.893 trillion to N9.866 trillion.
Market operators attributed the bearish trend to losses recorded by blue chip stocks. Leading brewing giants- Nigerian Breweries Plc and Guinness Nigeria Plc topped the price losers' chart with N5.50 and N4.00 to close at N153.00 and N287.00 respectively.
UACN Property Development Company Plc shed N1.60 to close at N14.40 per share just as Cadbury Nigeria Plc and Beta Glass by N0.50 apiece to close at N32.50 and N10.00 in that order. Stanbic IBTC Holding Plc and Dangote Flour Mills shed N0.49 respectively.
However, some equities still escaped from the bears, led by Lafarge Cement WAPCO Nigeria Plc with N4.00 to close at N24.65 per share. Presco Plc trailed with a gain of N2.15, while International Breweries Plc chalked up N1.75 to close at N19.75 per share.
Analysts at Meristem Securities Limited, said they expected market to gain moderately through the week as "we do not anticipate the level of bullishness that occurred the previous week."
Meanwhile, investors traded 706.802 million shares worth N3.701 billion exchanged in 6,889 deals yesterday led by the financial sector of the exchange. The sector accounted for 588.770 million shares valued at N2.347 billion in 3,750 deals. The banking sub-sector dominated with 275.203 million shares worth N1.451 billion in 2,772 deals.