Equities market opens week weaker by 0.25% as investors lose N64.21bn

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2 years ago

Equities trading at the Nigerian Exchange Limited (NGX) on Monday was bearish to halt the six-day winning streak as the All-Share Index (ASI) lost 0.25 per cent to settle at 47,436.45 basis points.

Specifically, selloffs in industrial heavyweight, BUA Cement, having depreciated in share value by 2.78 per cent offset gains in Tier-1 banking names, Zenith Bank and Stanbic IBTC driving the market’s weak performance.

Equities investors, therefore, lost N64.21 billion from their overall investment as the market capitalisation settled lower at N25.84 trillion by the end of the day trading sessions.

As a result, the year-to-date (YTD) return of the benchmark index fell to 11.05 per cent.

Market breadth closed flat. NEM Insurance topped 12 others on the gainer’s table having appreciated in share value by 9.22 per cent while Jaiz Bank led 12 others on the laggard’s log after its share value depreciated by 6.82 per cent.

Despite the pessimistic attitude in the equity market, most sub-sector gauges closed higher, particularly the NGX Insurance index, which rose by 1.43 per cent. Additionally, the NGX Consumer Goods index and the NGX Oil/Gas index both increased by 0.02 per cent and 0.09 per cent, respectively.

The NGX Consumer Goods Index and the NGX Industrial Index were the exceptions, falling by 0.22 per cent and 1.31 per cent, respectively.

Analysis of market activities for the day under review 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. Regal Insurance led the volume chart with 97.63 million units traded while BUA Cement led the value chart in deals worth N268.67 million.

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