By Peter Egwuatu
The Nigerian stock market closed the first trading session of the week, Monday in the red, as the Nigeria Stock Exchange All Share Index, ASI depreciated 0.33 percent or three 33 bases points, bps to settle at 26,762.73 points.
Trading session today was largely dominated by profit taking actions, as investors sold down some of their shares that recorded significant price appreciation the previous week.
Similarly, transactions size for the day diminished significantly, with total volume and value traded dipping by 34.49 percent and 54.60 percent respectively while trades in UACN, Zenith Bank and Dangote Cement accounted for 54.51 percent of total turnover.
On the other side, market breadth for the day closed positive, as 16 companies gained as against 15 that declined.
Commenting on the market performance, Vetiva Research said: “Declines in Access Bank (-667bps), Ecobank Transnational Incorporated, ETI (-667bps), Okomu Oil (-557bps) and Zenith Bank (-80bps) among others were responsible for the negative performance recorded today. We expect profit taking to similarly dominate trading session tomorrow, Tuesday while stability is expected to be restored at the later end of the week.
Commenting on stocks to watch, analysts at Vetiva said: “On the bid cart: Neimeth Pharmaceuticals led other gainers in a relatively bearish session for the day. A cross deal of about 500,00 units at market open cemented the shares’ position as the top gainer for the day, rising 10.00 percent to close at its intra-day maximum price of ₦0.44 while reducing its Year to Date, YtD loss to 43.59 percent as against -48.72 percent recorded on Friday.