Investors lose N1bn on equities market, to extend negative trading
By Kayode Tokede
Investors on the Nigerian Exchange Limited (NGX) equities market on Tuesday lost N1billion to extend the negative sentiment to four trading sessions.
The performance was due to investors’ reduced interest in major sectors stocks. In summary, NGX the All-Share Index (ASI) declined by 0.65 basis points, representing a drop of 0.002 percent, to closed at 37,857.24 basis points., while the overall market capitalisation value shed N1 billion to close at N19.724 trillion.
On sectors, the Banking (+0.4 percent) and Consumer Good (+0.3 per cent) indices gained while the Industrial Goods, Insurance and Oil & Gas indices closed flat.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Custodian Investment, FBN Holdings (FBNH), PZ Cussons Nigeria, Zenith Bank and Guaranty Trust Bank Holding Company (GTCO).
Analysts at Afrinvest Limited said that “In the next trading session, we expect the domestic bourse to extend bearish performance due to selling pressure in the market.”
However, investor sentiment as measured by market breadth closed positive, as 17 stocks advanced while 13 declined. NCR Nigeria recorded the highest price gain of 9.64 per cent to close at N2.73, per share.
Wema Bank followed with a gain 9.46 percent to close at 81 kobo, while FTN Cocoa Processors went up by 8.33 percent to close at 39 kobo, per share.
NPF Microfinance Bank rose by 6.88 percent to close at N1.71, while Lasaco Assurance gained 6.67per cent to close at N1.60, per share.
On the other hand, Ikeja Hotel led the losers’ chart by 9.09 percent to close at N1.40, per share. Custodian Investment followed with a decline of 6.15 percent to close at N6.10, while Japaul Gold and Ventures lost 5.66 percent to close at 50 kobo, per share.
Mutual Benefits Assurance lost 4.76 percent to close at 40 kobo, while FBNH shed four percent to close at N7.20, per share.
The total volume of trades rose by 5.4 percent to 197.280 million units, valued at N1.921 billion, and exchanged in 3,567 deals.
Transactions in the shares of Wema Bank topped the activity chart with 37.199 million shares valued at N28.059 million. GTCO followed with 27.913 million shares worth N823.198 million, while UPDC Real Estate Investment Trust (UPDC) traded 13.852 million shares valued at N19.556 million.
Fidelity Bank traded 12.158 million shares valued at N28.360 million, while United Bank for Africa (UBA) transacted 9.581 million shares worth N72.203 million.
