Business

Equities market opens week bearish by 0.07% as investors lose N258.9bn

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1 year ago

Equities trading at the Nigerian Exchange Limited (NGX) opened the week bearish as the All-Share Index (ASI) relapsed by 0.66 percent to close at 70,946.83 basis points.

Basically selloffs in BUA Cement, Zenith Bank and Dangote Sugar drove the weak performance as these large capitalised stocks dipped in value by 10.00 percent, 0.43 percent and 0.43 percent, respectively.

As a result, the Month-to-Date and Year-to-Date returns of the ASI settled at -0.6 percent and +38.4 percent, respectively.

Equities investors, therefore, lost N258.85 billion from their overall investment as the market capitalisation settled at N38.82 trillion at the end of the day’s trading activities.

As measured by market breadth, market sentiment was positive as 33 tickers gained relative to 26 losers. On the performance board, Thomas Wyat and First Bank of Nigeria Holdings topped the gainers’ list having appreciated in share value by 10.0 percent and 9.9 percent, while BUA Cement and Mcnichols recorded the most significant losses of the day after their respective share prices dipped by 10.0 percent and 9.3 percent.

Performance across sectors was mixed, as the Industrial Goods and Insurance indices recorded losses by 4.2 percent and 0.3 percent, respectively, while the Consumer Goods index advanced. Meanwhile, the oil and gas and banking indices closed flat.

Analysis of market activities on Monday showed trade turnover settled lower relative to the previous session, with the value of transactions down by 30.56 percent.

A total of 358.53 million shares valued at N7.10 billion were exchanged in 6,433 deals. Universal Insurance led the volume chart with 58.85 million units traded while Airtel Africa led the value chart in deals worth N3.27 billion.

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