Equities Investors Lost N48bn in Last Moment Selloffs

Equities Investors Lost N48bn in Last Moment Selloffs

Equities investors trading highs and lows on the Nigerian Exchange (NGX) trading platform lost about N48 billion on Friday due to sell pressures seen across sectoral indexes.

The local bourse closed the week on a bearish note, as key performance indicators dipped by 0.07 per cent. Specifically, the market capitalisation declined by N48 billion, or 0.07 per cent, to N70.462 trillion from N70.510 trillion recorded on Thursday.

The All-Share Index also dropped by 0.07 per cent or 76.07 points to close at 111,742.01, down from 111,818.08 posted on Thursday. The decline was largely attributed to sell-offs in heavyweight stocks like Beta Glass, NCR Nigeria, Conoil, Legend Internet, and 33 others.

Also, the market breadth closed negative with 37 stocks declining against 28 gainers. On the flip side, Beta Glass declined by 10 per cent, closing at N232.65 while NCR Nigeria also lost by 10 per cent, finishing at N6.57 per share.

Conoil dropped by 9.99 per cent, settling at N298.10 and Legend Internet fell by 9.94 per cent, closing at N6.16 per share Also, Industrial Medical Gases shed by 9.91 per cent, ending the session at N33.65 per share.

On the gainers’ chart, Omatek grew by 9.86 per cent, settling at 78k while Red Star Express climbed by 9.62 per cent, closing at N8.32 per share. Deap Capital Management rose by 9.38 per cent, finishing at N1.05 and Sovereign Trust Insurance soared by 9.09 per cent, ending the session at N1.08 per share. May and Baker also increased by 8.26 per cent, closing at N11.80 per share.

A total of 1.90 billion shares valued at N64.14 billion were traded across 18,653 transactions, in contrast to the 556.45 million shares worth N17.17 billion exchanged across 18,505 deals on Thursday.

Transactions in the shares of United Bank for Africa topped the activity chart with 1.41 billion shares worth N49.02 billion. United Capital followed with 66.84 million shares valued at N1.32 billion while Access Corporation sold 53.97 million shares worth N1.19 billion.

Fidelity Bank traded 31.38 million shares valued at N606.09 million, and Zenith Bank transacted 29.93 million shares worth N1.46 billion.

Sectoral performance was bearish, with five out of six sectors closing in the red. The Oil and Gas (-0.90%) index recorded the steepest decline, followed by the Consumer Goods (-0.49%), Insurance (-0.41%), Banking (-0.36%), and Industrial Goods (-0.16%) indices.

Weaker sentiments in OANDO (-5.83%), DANGSUGAR (-4.64%), CORNEST (-3.53%), GTCO (-2.90%), and BETAGLAS (-10.00%) drove the indices lower. The commodity index remained unchanged. #Equities Investors Lost N48bn in Last Moment Selloffs Nigeria Boosts Trust Fund with $500 Million—Edun