Investors lose N219.6bn as equities market begins week weaker by 0.24%

The Nigerian stock market opened the week on a downbeat note as the NGX All-Share Index (ASI) fell by 0.24 percent to close at 141,498.22 basis points.

At the Nigerian Exchange (NGX) on Monday, losses in Nigerian Breweries, United Bank for Africa, and Oando drove the ASI lower, with their share values declining by 7.6 percent, 2.7 percent, and 5.8 percent, respectively.

Consequently, the year-to-date return dropped to 37.48 percent from 37.81 percent recorded the previous week, while the month-to-date return settled at +0.9 percent.

Market capitalisation also shed N219.63 billion, or 0.24 percent, to close at N89.52 trillion.

Market sentiment remained cautious, as reflected by a negative market breadth with 21 stocks advancing against 28 decliners.

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On the performance board, McNichols Consolidated and Ikeja Hotel recorded the steepest losses of the day, with their share values dipping by 10.0 percent and 9.8 percent, respectively. On the gainers’ side, Royal Exchange and Secure Electronic Technology led with share value increases of 9.8 percent and 6.7 percent, respectively.

Sectoral performance was weak, as the Banking, Insurance, Consumer Goods, and Oil & Gas sectors posted losses of 1.25 percent, 0.08 percent, 0.77 percent, and 0.50 percent, respectively, while the Industrial and Commodity sectors closed flat.

Trading activity was mixed: trading volume rose by 12.25 percent to 488.56 million units, while trading value dropped by 9.32 percent to N13.72 billion across 28,621 deals, reflecting an increase in the number of transactions.

Universal Insurance was the most traded stock by volume, with 79.56 million units, while Zenith Bank was the most traded by value at N3.86 billion.

NIGERIAN TRIBUNE