Investors lose N1.8trn as equities market opens week bearish

Trading in the Nigerian stock market started the week with bearish sentiments as profit-taking activities in industrial heavyweight, Dangote Cement, alongside MTN Nigeria Communication and Zenith Bank undermined the market’s performance, as their share prices dipped by 10.0 percent, 10.0 percent and 0.28 percent, respectively.

Precisely, the All-Share Index declined by 3.2 percent to 102,393.23 basis points.

Accordingly, the Month-to-Date and Year-to-Date returns moderated to +1.2 percent and +36.9 percent, respectively.

At the end of the day’s trading activities, equities investors lost N1.82 trillion cumulatively as the market capitalisation shed settled at N56.03 trillion.

As measured by market breadth, market sentiment was negative as 36 tickers lost relative to 17 gainers. On the performance board, MTN Nigeria Communication and Dangote Cement recorded the highest losses of the day after the share prices of these high capitalised stocks depreciated by 10.0 percent, respectively, while DAAR Communication and Sunu Assurance topped the gainers’ list having appreciated in share values respectively by 8.6 percent and 6.7 percent.

From a sectoral perspective, losses in the industrial goods, insurance, consumer goods, oil and gas and banking indices mirrored the overall market performance as these sectors depreciated in value by 6.0 percent, 2.5 percent, 0.8 percent, 0.3 percent and 0.3 percent, respectively.

Activities at the local bourse were tepid as analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 7.58 percent.

A total of 273.85 million shares valued at N7.44 billion were exchanged in 9,688 deals. Guaranty Trust Holding Company led the volume chart with 28.85 million units traded while Geregu Power led the value chart in deals worth N1.74 trillion