Stock Market Loses N38 Billion As 13 Equities Decline

By Tolulope Oke

At the close of trading on Monday, the Nigerian Exchange Limited’s equity market had lost N38 billion as the share prices of 13 companies fell.

Investors exchanged a total of 86.594 million shares worth N1.17 billion in 3 3,377 transactions by the close of trading on the NGX floor on Monday.

The market capitalization decreased to N26.767 trillion from N26.805 trillion as the NGX All-Share Index closed at 49,625.71 basis points on Monday compared to 49,695.12 on Friday.

13 businesses had an increase in share prices, while 13 businesses saw share prices fall.

According to Punch, analysts at Cordros Securities said, “The domestic equities market started the week’s trading with bearish sentiments, as investors took profits off FBNH (-3.3 per cent) and WAPCO (-2.8 per cent) stocks.

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“Thus, the All-Share Index settled lower by 0.1 per cent at 49,626.05 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at -0.4 per cent and +16.2 per cent, respectively.

“The total volume traded declined by 72.9 per cent to 86.59 million units, valued at N1.17bn, and exchanged in 3,377 deals. GTCO was the most traded stock by volume and value at 19.47 million units and N385.59m, respectively.

“Analysing by sectors, the insurance (-1.4 per cent), banking (-0.5 per cent) and industrial goods (-0.3 per cent) indices declined, while the oil & gas and consumer goods indices closed flat.”