Local stock market opens week weaker by 1.2% as investors lose N312bn

July 25, 2022

Bearish sentiments persisted in the equities market on Monday amid profit-taking activities on blue-chip stocks.

Thus, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) settled lower at 51,400.53 basis points, declining by 1.1 per cent at the end of the day’s trading activities.

Accordingly, the Month-to-Date loss settled at -0.8 per cent, while the Year-to-Date return moderated to +20.3 per cent.

Investors, therefore, lost N312 billion from their investment worth as the market capitalisation settled at N27.72 trillion as against the N28.03 trillion it opened the day’s trading with.

Specifically, large-cap stocks such as MTN Nigeria, United Capital, United Bank for Africa, FBN Holding, AIICO Insurance and Guaranty Trust Holding Company suffered major setbacks as their respective share prices fell by 6.99 per cent, 5.51 per cent, 2.74 per cent, 1.79 per cent, 1.56 per cent and 0.24 per cent.

Performance across sectors was mixed, as the Banking, Consumer Goods, and Insurance indices advanced by 0.2 per cent, 0.9 per cent and 0.1 per cent, respectively, while the Industrial Goods and Oil & Gas indices closed flat.

Market activity was weak as the volume of stocks traded plunged by 51.79 per cent to 98.95 million units; while, the value of stocks traded decreased by 17.77 per cent to N2.51 billion.

United for Africa was the toast of investors n Monday as it made the most traded stock by volume, while Airtel Africa was the most traded stock by value at N2.51 billion.

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