Investors lose N12bn to open equities market this week negative

The equities market of the Nigerian Exchange Limited (NGX) started the week on a negative note with a loss of N12 billion.

In summary, the MGX All-Share Index (ASI) declined by 22.67 basis points, representing a decrease of 0.05 per cent, to close at 43,230.34 points. Similarly, the overall market capitalisation value lost N12 billion to close at N22.560 trillion.

The market negative performance was driven by price depreciation in large and medium capitalised stocks which are; MTN Nigeria Communications (MTNN), United Bank for Africa (UBA), Ecobank Transnational Incorporated (ETI), Dangote Sugar Refinery and FCMB Group.

This week, analysts at United Capital Plc   expected the stock market to trade sideways in the absence of bullish triggers.

However, market breadth was positive as 20 stocks advanced against 14 stocks that declined. Cutix Plc recorded the highest price gain of 9.89 per cent to close at N3.00, per share. Livestock Feeds followed with a gain of 9.50 per cent to close at N2.19 and Mutual Benefits Assurance went up 7.41 per cent to close at 29 kobo, per share.

Japaul Gold and Ventures up by 4.76 per cent to close at 44 kobo, while Prestige Assurance appreciated by 4.65 per cent  to close at 45 kobo, per share.

On the other hand, Veritas Kapital Assurance led the losers’ chart by 8.70 per cent to close at 21 kobo, per share.

FTN Cocoa processors followed with a decline of 6.82 per cent to close at 41 kobo, while Royal Exchange lost 5.66 per cent to close at 50 kobo, per share.

Regency Alliance Insurance declined five per cent to close at 38 kobo, while Chams  shed 4.17 per cent to close at 23 kobo, per share.

The total volume of trades declined by 6.80 per cent to 293.430 million units, valued at N4.289 billion, and exchanged in 4,239 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 101.221 million shares valued at N1.242 billion.

Access Bank followed with 44.174 million shares worth N416.972 million, while FCMB Group traded 34.846 million shares valued at N108.008 million.

Guaranty Trust Holding Company (GTCO) traded 18.457 million shares valued at N507.358 million, while Zenith Bank transacted 16.156 million shares worth N387.955 million.