The stock market section of Nigerian Exchange Limited (NGX) yesterday began the week on a mixed note as the All-Share Index dropped by 0.04 per cent on profit-taking activities in Zenith Bank Plc, and 24 others.

As the stock price of Zenith Bank dropped by 2.3 per cent, the NGX All-Share Index (ASI) dropped by 41.70 basis points or 0.04 per cent to close at 105,891.33 basis points, with the Month-to-Date and Year-to-Date returns moderating to +1.3 per cent and +2.9per cent, respectively.

Despite the decline in NGX ASI, market capitalization surged by 0.73 per cent or N477 billion to close at N66.069 trillion, driven by Zenith Bank’s listing of 9.67 billion ordinary shares, arising from its capital offers exercise.

However, investor sentiment, as measured by market breadth was positive as 44 stocks advanced, while 25 declined. Beta Glass, Smart Products Nigeria and Stanbic IBTC Holdings recorded the highest price gain of 10 per cent each to close at N95.15, 22 kobo and N68.20 respectively, per share.

Honeywell Flour Mills followed with a gain of 9.98 per cent to close at N10.47, while Eterna and Northern Nigeria Flour Mills (NNFM) rose by 9.96 per cent each to close at N40.30 and N80.60 respectively, per share.

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