Local equities market begins week on negative note, investors lose N120bn

The Nigerian equities market opened the new week on a southward trend, leaving investors with N120 billion loss on Monday as indices declined by 0.90 per cent.

The decline was fueled by profit-taking in large-cap stocks like MTN Nigeria, BUA Cement, Zenith Bank, Guaranty Trust Bank and Ecobank Transnational Incorporation.

Specifically, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation both depreciated from 25,182.67 points and N13.137 trillion to 24,954.25 points and N13.017trillion, as the market’s Year-to-Date (YtD) negative return increased to -7.03 per cent; while Month-to-Date (MtD) decreased by 1.23per cent.

MTN Nigeria Plc dipped most after its share price moved from N118 to N116, losing two naira or 1.69 per cent. BUA Cement decreased from N41.5 to N40.75, shedding 75 kobo or 1.81per cent. Zenith Bank share price dropped from N16.65 to N16.2, losing 45 kobo or 2.70 per cent.

Guaranty Trust Bank share price was also down from N24 to N23.6, losing 40 kobo or 1.67 per cent; while that of ETI decreased from N5.45 to N5.05, shedding 40 kobo or 7.34 per cent.

Analysing by sectors, the performance was weak, following declines across the board, save for the Insurance index that gained 0.9 per cent. The Banking index recorded the largest decline, followed by the Industrial Goods, Oil and Gas, and Consumer Goods indices by 1.9 per cent, 1.4 per cent, 0.3 per cent and 0.03 per cent.

The total volume of trades on Monday decreased by 29.5 per cent to 237.65 million units, valued at N1.61 billion and exchanged in 4,808 deals. FBN Holdings was the most traded stock by volume at 24.35 million units while Zenith Bank was the most traded stock by value at N392.36 million.

In total, equities investors exchanged 237,652,864 units valued at N1.609 billion in 4,808 deals.


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