Investors begin week with N499bn loss as stocks tumble

Investors in the Nigerian equities market started the trading week with a loss of N499bn.

This follows the tumble in the share prices of stocks like Airtel Africa, Berger Paints, Industrial Medical Gases and International Energy Insurance.

Similarly, the NGX-All-Share Index ASI decreased to 98,703.68 from 99,587.25 recorded at the close of the previous trading day.

After five hours of trading at the capital market, the equity capitalisation decreased to N55.823 trillion from N56.323 trillion posted by the bourse on Friday last week.

The market breadth was positive as 38 stocks advanced, 18 stocks declined, while 65 stocks remained unchanged in 10, 624 deals.

Cornerstone Insurance and Guinea Insurance led other price gainers with 10 percent growth each to close at N1.98 and N0.33 from their prices of N1.80 and N0.30k respectively.

On the flipside, Airtel Africa led other price decliners as it shed 10 percent off its price to trade at N1980 from N2200. Berger Paints, Industrial Medical Gases and International Energy Insurance also shed 9.85 percent, 9.82 percent and 9.35 percent respectively.

On the volume index, banking stocks dominated with Access Holdings Plc trading 98.236 million units of its shares in 1,209 deals, valued at N1.760 billion. UBA traded 40.395 million units of its shares in 842 deals, valued at N1.071 billion and GTCO which traded 35.905 million units of its shares in 740 deals, valued at N1.493 billion.

Like the volume index, banking stocks dominated the value index with Access Holdings Plc recording the highest value for the day trading stocks worth N1.760 billion in 1,209 deals followed by GTCO which traded equities worth N1.493 billion in 740 deals and UBA which traded stocks worth N1.071bn in 842 deals.