Consequently, market capitalisation declined by N44.8 billion to settle at 12.2 trillion as against N12.233 trillion recorded Friday. An analyst who spoke to Crucible-NG said that most of the losses were as a result of profit taking activities as the year runs to a close.
The drag in Monday’s performance was majorly on account of losses recorded in NIGERIAN BREWERIES (-1.8%), UBA (-3.0%) and WAPCO (-2.9%). Similarly, activity level waned as volume and value traded plunged 44.3 percent and 62.8 percent to 107.1 million units and N1.4 billion respectively.
The industrial goods index led sector decliners with a 1.1 percent decrease owing to profit taking in WAPCO (-2.9%). The consumer goods index trailed with a loss of 0.8 percent as a result of declines in NIGERIAN BREWERIES (-1.8%) and NESTLE (-0.4%), while the banking index fell 0.5% due to price deprecation in UBA (-3.0%) and GUARANTY (-0.3%).
On the other hand, an uptick in TOTAL (+2.7%) buoyed the oil & gas index 0.3 percent northward, while the insurance index marginally climbed 0.1 percent on the back of gains in MANSARD (+0.5%).
Market breadth, a measure of investor sentiment, retreated to 1.2x from 1.5x recorded on Friday after 19 stocks advanced against 16 decliners. The top performers were FIDSON (+5.0%), AIRSERVICE (+5.0%) and CUSTODYINS (+4.9%) while the worst performers were SKYEBANK (-3.6%), NEIMETH (-3.2%) and UBA (-3.0%).
Despite the otherwise flip-flop performance of the market in recent weeks, analysts are still betting on the market to rise above the profit-taking sentiments.
They specifically expect performance to turn positive before the end of the week as investors are likely to take position ahead of Q3:2017 company scorecards releases.