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Business

Local stock market opens week bearish as investors lose N551bn

Adeoye Faith

The Nigerian equities market opened the new trading week on a negative note after losing as the benchmark index recorded 1.97 per cent decrease.

Equities trading at the Nigerian Exchange Limited (NGX) on Monday closed bearish, extending the negative trend as the industrial sector shares led to the decline.

The All Share Index (ASI) settled at 50,756.74 basis points at the end of the day’s activities at the bourse as against an opening mark of 51,778.08 basis points.

Investors, therefore, lost N551 billion as the market capitalization settled at N27.363 trillion as against n opening of N27.914 trillion.

Accordingly, the year-to-date performance of the index crossed below 20 per cent, for the first time since May 6th to 18.82 per cent.

Specifically, we saw price depreciation in medium and large capitalized stocks such as International Breweries, Flour Mills of Nigeria, FBN Holdings and Unilever as their respective share prices lost 9.60 per cent, 8.57 per cent, 7.22 per cent and 1.33 per cent.

On the performance chart, Jaiz Bank topped six other gainers growing by 5.32 per cent while Dangote Cement led the laggards chart declining by 10.00 per cent.

Amid sustained bearish mood, four of the five sub-sector indices closed red, especially the NGX Industrial index which fell by 5.27 per cent. Also, the NGX Insurance index, NGX Consumer Goods index and the NGX Oil/Gas index decreased by 0.94 per cent, 1.16 per cent and 0.23 per cent respectively. The NGX Banking index closed in green by 0.35 per cent.
Meanwhile, market activity was mixed, as the volume of stocks traded rose by 43.04 per cent to 345.00 million units, while, the value of stocks traded decreased by 16.15 per cent to N3.07 billion.

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Local stock market opens week bearish as investors lose N551bn

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