NGX Loses N984 Billion as Profit Taking Wipes Out Gains
By Aboki Forex —
The Nigerian Exchange extended its losing streak on Monday as sustained profit taking wiped off about N984 billion from investors wealth.
The All Share Index fell by 1,534.01 points to close at 243,204.73 points. Market capitalisation dropped to N155.986 trillion, reflecting the single session loss.
The decline was driven by profit taking in banking, oil and gas, industrial, and consumer linked stocks. Market breadth closed negative with 15 stocks advancing against 48 decliners.
Aradel Holdings, Oando, First Holdco, and Nigerian Aviation Handling Company were among the major decliners.
International Energy Insurance fell from N7.11 to N6.40, losing N0.71 or 9.99 percent. eTranzact International dropped from N16.55 to N14.90, shedding N1.65 or 9.97 percent. Neimeth International Pharmaceuticals declined from N8.55 to N7.70, losing N0.85 or 9.94 percent. Oando slipped from N52.95 to N47.80, down N5.15 or 9.81 percent. Abbey Mortgage Bank fell from N11.40 to N10.30, losing N1.10 or 9.65 percent.
Analysts say the bearish sentiment reflects cautious trading amid mixed macroeconomic signals.