Investors Lost N14bn as Nigerian Bourse Tumbles
Opening on a negative note, the equities investors in the Nigerian bourse lost about N14 billion on Monday as market sentiment remains downbeat after N149 billion loss was recorded last week.
As the local bourse, year-to-date return moderated further today as key market performance indicators were down by 0.05%. The local bourse has been burning value since monetary policy authority interest rate hikes as risk-averse investors move funds into the fixed income market.
Due to selloffs in the market, the Nigerian Exchange All-share index dipped by 25.95 basis points to close at 49,344.67. The negative performance was majorly driven by selloffs in banking stocks.
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Consequently, the All-Share Index dipped 0.05 per cent to close at 49,344.67 per cent from 49,370.62 which it opened. Also, the year-to-date return fell to 15.52 per cent. Market data shows that turnover settled lower relative to the previous session, with the value of transactions down by 19.97 per cent.
However, market breadth closed negative as 18 stocks were on the laggard’s chart while eight were on the gainers. Shares of Courtville Business solutions led the gainers’ chart, its share price inched upward by 9.09 per cent to close at 48k per share.
Trading data shows that shares of Honeywell Flour Mill gain of 8.68 per cent to close at N2.63, while Mutual Benefits Assurance rose by eight per cent to close at 27k per share. NEM Insurance also went up by 4.71 per cent each to close at N4 per share
Trading activities were bearish as the total volume and value were down 7.18 per cent and 19.97 per cent, respectively. In a market report, stockbrokers at Atlass Portfolios stated that approximately 122.74 million units valued at ₦1.30 billion were transacted in 3,915 deals.
In terms of volume, MBENEFIT was the most traded stock, accounting for 15.03 per cent of the total volume of trades, followed by TRANSCORP (7.53%), GTCO (6.99%), STERLNBANK (6.47%), and ACCESSCORP (5.22%) to complete the top five on the volume chart.
In terms of value, MTNN led the pack with 18.86 per cent of the total value of trades on the exchange. Overall, the sector performance was negative as three of the five sectors closed bearish.
The banking index lost 0.69% trailed by a 0.11% decline in the Insurance index and Oil & Gas were down 0.07%. On the other hand, Industrial Goods and Consumer goods rose marginally by 0.02% and 0.07%, respectively. At the end of the closing session, equities market capitalization lost ₦13.99 billion to close at ₦26.61 trillion. #Investors Lost N14bn as Nigerian Bourse Tumbles
