Equities Investors Lost N111bn in Nigerian Stock Market

Equities Investors Lost N111bn in Nigerian Stock Market

Equities investors lost about N111 billion in the Nigerian stock market on Monday due to selloffs. Profit taking activities resume after negative performance witnessed on the Nigerian Exchange (NGX) platform last week.

According to data from the local bourse, year-to-date returns moderated as key performance indicators declined by 0.24%. In a note, Atlass Portfolios Limited told investors there is a discrepancy between the market indicators due to the listing of Japaul Gold & Ventures 8 billion ordinary shares of 50 Kobo each at ₦2.50 per share through a private placement on the Exchange.

Then, market index or All-Share Index reduced by 227.07 basis points to close at 96,206.46.  Despite the positive market breadth, the local bourse ended in the red due to sell-offs in some medium and large-cap stocks, including JBERGER, TRANSPOWER, and others.

However, market activities were up, as the total volume and total value traded for the day increased by 97.79% and 21.82% respectively.  Stockbrokers said approximately 774.38 million units valued at ₦14,647.49 million were transacted across 10,412 deals.

JAIZBANK was the most traded stock in terms of volume, accounting for 31.94% of the total volume of traded, followed by ZENITHBANK (22.43%), FBNH (5.37%), GTCO (4.39%), and JAPAULGOLD (3.59%) to complete the top 5 on the volume chart.

ZENITHBANK emerged as the most traded stock in value terms, with 43.85% of the total value of trades on the exchange. ETERNA, and TANTALIZER topped the advancers’ chart with a price appreciation of 10.00 each percent.

Other gainers include OANDO (+9.95%), FTNCOCOA (+9.93%), UACN (+9.81%), JAPAULGOLD (+9.76%), ETRANZACT (+9.76%) and twenty-seven others. On the other hand, twenty stocks depreciated. JBERGER was the top loser, with a price depreciation of -10.00%, as TRANSPOWER (-9.99%), CUTIX (-6.00%), OMATEK (-5.56%), TRANSCORP (-3.08%), and ACCESSCORP (-1.35%) also dipped in price.

NGX market breadth closed positive, recording 34 gainers and 20 losers. In addition, the market sector performance was positive, as three of the five major market sectors surged. The Insurance (+2.48%), Oil and Gas (+1.14%), and Banking (+0.15%) indices closed positive owing to buying interest in CORNERST (+9.32%), OANDO (+9.95%) and FBNH (+8.84%), respectively.

On the flip side, the consumer goods (-0.43%) and industrial goods (-0.04%) indices closed lower due to selloffs in DANGSUGAR (-1.26%) and JBERGER (-10.00%), respectively. Overall, the equities market capitalisation of the Nigerian Exchange dropped by ₦110.96 billion to close at ₦55.28 trillion. CUTIX Gains 30% on Earnings Forecasts, Unusual Trade Volume