Equities trading at the Nigerian Exchange Limited (NGX) opened the week sharply lower, eroding prior week gains as the All-Share Index lost 2.52 per cent to settle at 46,368.65 points, the lowest point since 28 January.
Notably, the sentiment was negative as investors dumped part of their holdings in telecommunications heavyweight, Airtel Africa leaving it with 10.0 per cent depreciation in its share value.
Accordingly, the Month-to-Date loss increased to -5.4 per cent, while the Year-to-Date gain moderated to +8.5 per cent.
Equities investors at the local bourse, therefore, lose N652.83 billion from their investment as the market capitalisation shedding settled at N25.25 trillion by the end of trading activities on Monday.
As measured by market breadth, market sentiment was positive as 14 tickers gained relative to five losers.
On the performance board, PZ and University Press Plc topped the gainers’ list having appreciated in value by 9.5 per cent and 9.3 per cent, respectively; while Airtel Africa and Sovereign Insurance recorded the highest losses of the day after their respective share prices dipped by 10.0 per cent and 7.1 per cent.
Sectorial performance was a mixed bag, with the NGX Insurance index and the NGX Consumer Goods index declining by 1.18 per cent and 0.06 per cent, respectively, while the NGX Oil/Gas index and the NGX Industrial index remained flat. The NGX Banking index increased by 0.87 per cent on buying interest in Guaranty Trust Holding Company (GTCO) shares.
Elsewhere, market activity came in strong today as the total deals, volume, and value increased by 4.29 per cent, 10.89 per cent and 1.04 per cent, respectively, to 3234 trades, 137.98 million units, and N4.32 billion.
In terms of volume, GTCO was the most active stock, with 33.72 million shares worth N609.86 million changing hands in 474 deals.
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