Investors lose N17.24bn as equities market closes negative

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Story by Olabode Jegede

Investors on the equities market lost N17.24 billion on Thursday as market continued on a negative note this week.

The market capitalisation closed on Thursday at N12.748trillion from N12.766 trillion it opened for trading.

Consequently, the Nigerian Stock Exchange All-Share Index (NSE ASI) depreciated by -0.14per cent to close at 26,188.24 basis points from 26,223.66 basis points it closed on Wednesday, bringing the month-till-date performance to -4.99 per cent and equities market performance  Year-to-Date (YTD) returns currently stands at -16.68per cent.

The equities market performance on Thursday was driven by sell-offs of Zenith Bank plc and Unilever Nigeria plc stocks on the NSE.

The total volume of trades increased by 212.7 per cent to 726.19 million units, valued at N2.97billion and exchanged in 3,040 deals. Jaiz Bank plc was the most traded stock by volume at 502.02 million units, while Zenith Bank was the most traded by value at N907.32 million.

Sector performances were mixed, as the Consumer Goods (-1.10per cent) and Insurance (-0.03per cent) indices recorded declines, while the Banking (+0.66per cent) index gained. Also, the Oil & Gas and Industrial Goods indices closed flat.

Market sentiment, as measured by market breadth, was negative (0.60x) as 15 tickers declined relative to nine gainers. Unilever Nigeria down by 9.98per cent and Fidson Plc dropped by 9.72per cent recorded the largest declines while regalins gained five per cent and Chams Nigeria appreciated by 4.35per cent recorded the largest gains.

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