Investors lose N64bn in bearish trading

By Philemon Adedeji

The Nigerian Exchange Ltd. (NGX) lost N64 billion, 0.25 per cent, as market capitalisation closed at N25.837 trillion on Monday compared with N25. 901 trillion on Friday.

Also, the All-Share Index (ASI) lost by 117.89 points or 0.25 per cent to settle at 47,436.45 from 47,554.34 recorded on Friday.

The downturn was due to sell-offs in Tier-One banks and Industrial stocks – Zenith Bank, Stanbic Bank and BUA Cement.

Consequently, the year-to-date (YTD) return fell to 11.05 per cent.

However, market breadth closed flat as 12 stocks were on the laggard’s and gainers’ table respectively.

Prestige Ansurance recorded the highest price gain of 9.30 per cent to close at 47k per share.

NEM Insurance followed with a gain 9.22 per cent to close at N4.50, while Courteville Business Solutions appreciated by 8.70 per cent to close at 50k per share.

Dangote Cement went up by 7.77 per cent to close at N238.50 per share.

Also, Thomas Wyatt Nigeria rose by 8.33 per cent to close at 39k.

Unity Bank inched up by 7.55 per cent to close at 57k, per share.

On the other hand, Beta glass led the losers’ chart by 9.90 per cent to close at N39.60 per share.

McNicholas followed with a decline of 9.68 per cent to close at 56k and Scoa Nigeria shed 9.40 per cent to close at N1.06 per share.

Jaiz Bank lost 6.82 per cent to close at 82k, while WAPIC insurance shed 5.71 per cent to close at 33k per share.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 71.71 per cent.

A total of 279.28 million  shares valued at N1.56 billion were exchanged in 3,781 deals.