Investors Lose N251bn as Equities Market Bumps
Stock investors lost more than N251 billion as the equities market continued to decline as a result of selloffs. In the face of stringent regulations and recapitalization requirements, investors are essentially cutting back on their holdings in the banking index.
Consequently, market performance indicators tumbled by -0.43% amidst sustained losing streaks after Easter celebration. The market’s negative performance has been attributed to profit-taking across some major market sectors, especially the Banking sector, which dipped by -2.67%.
According to information from the Nigerian Exchange, the market index or All-Share Index decreased by 445.24 basis points, representing a decline of -0.43% to close at 103,736.08, However, market activities improved, acThe day’s total trading volume and value climbed by +20.42% and +75.57%, respectively.2% and +75.57% respectively.
In its market update, Atlass Portfolios Limited stated that approximately 487.73 million units valued at ₦15,639.90 million were transacted in 8,908 deals.
ZENITHBANK was the most traded stock in terms of volume, accounting for 33.16% of the total volume of trades. The Tier-1 bank was followed by GTCO (11.15%), UBA (9.81%), ACCESSCORP (8.38%), and TRANSCORP (5.81%) to complete the top 5 on the volume chart.
Expectedly, ZENITHBANK was also the most traded stock in value terms, with 44.93% of the total value of trades on the exchange.
MORISON topped the advancers’ chart for with a price appreciation of 9.84 percent. The company was trailed by SCOA with (+9.77%) growth, INTENEGINS (+9.72%), NEM (+9.50%), TIP (+8.70%), MAYBAKER (+8.26%), and seventeen others.
Twenty-six stocks depreciated, stockbrokers said in their separate market updates. CILEASING was the top loser, with a price depreciation of -9.79%. MBENEFIT (-8.57%), UNITYBNK (-7.39%), JAIZBANK (-7.23%), GTCO (-6.49%), and ACCESSCORP (-3.97%) are among the other losers whose prices have fallen.
Based on the direction of trades, the market breadth closed negative, recording 23 gainers and 26 losers. However, the market sector performance was par, as two of the five major market sectors were down. The Industrial and Banking sectors both saw declines of 0.09% and 2.67%, respectively.
There was an increase of +0.46% and +0.43% in the consumer goods and insurance sectors, respectively. The Oil & Gas sector closed flat. Overall, the equities market capitalisation went down by ₦251.74 billion, representing a drop of -0.43%, to close at ₦58.65 trillion. #Investors Lose N251bn as Equities Market Bumps Selloffs Provoke Spike in Nigerian Treasury Bills Yield
