A 0.10% dip in Nigerian stocks on Monday contrasted with the decent gains recorded on Friday, as the market closed almost flat, still starved of sufficient cash needed to keep it afloat.
As a consequence, the all-share index dropped 37.45 points to 38,906.42 index points, while market capitalisation fell to N20.3 trillion. The index is down 3.39 percent year-to-date.
The decline Monday was caused by a wide range of blue-chip stocks, with GTCO, Zenith all playing a prominent role.
As a result of selling pressure on banking and insurance shares, financial services stocks, tracked by the Nigerian Exchange, fared the worst among the five sector indices.
There are a limited number of positive triggers to boost investor sentiment, according to market analysts.
Since there were 19 gainers as well as 19 losers, the market, often used by market watchers as a barometer of investor sentiment, was neutral.
Top 5 gainers
A 9.62 per cent gain for Consolidated Hallmark led gainers, closing at N0.57. Chambers closed at N0.23 up 9.52 percent. Courteville rose 6.90 percent to N0.31.
Wema gained 3.95 percent to N0.79. NAHCO rounded out the top 5 by rising 3.62 percent to N3.15.
Top 5 losers
The shares of SCOA lost 9.43 percent to close at N0.96 to lead the losers’ table. Trading ended at N0.21 as Veritas dropped 8.70 percent.
Linkage Assurance’s share price plummeted to N0.57, falling 6.56 percent. With a loss of 5.98 percent, PZ slipped to N5.50. A 5.77 per cent decline brought Cornerstone to N0.49.