Investors Suffer N62bn Loss in Stock Market

Investors Suffer N62bn Loss in Stock Market

Equities investors in the Nigerian stock market lose about N62 billion on Tuesday as the local bourse tracks lower following selloffs in small to mid-cap shares. The renewed profit-taking activities which started at the beginning of the week reduce market capitalisation by 0.24%.

Then, year-to-date return moderated to 10.78% in reaction to investors’ move to rebalance their portfolio amidst changing market dynamics, though there was a strong rally in the recent past week despite a 1% increase in benchmark interest rate.

Trading data show that the NGX All-Share Index declined 113.48 basis points to close at 47,322.97 points. Stock market capitalisation shed N61.81 billion to close at N25.775 trillion, compared with N25.837 trillion on Monday.

Meanwhile, the market breadth closed flat with 12 stocks on the gainers’ and losers’ tables. A breakdown of the price movement table showed that Chams Plc topped the gainers’ table with an increase of 9.09 per cent to close at 24k per share.

WAPIC trailed with a gain of 6.06 per cent to close at 35k, while NPF Microfinance Bank rose by 5.33 per cent to close at N1.58 per share.

Jaiz Bank was up by 3.66 per cent to close at 85k, while First City Monument Bank gained by 3.08 per cent to close at N3.55 per share. Conversely, Neimeth International Phama led the losers’ table, growing by 7.97 per cent to close at N1.27 per share.

Nigerian Breweries followed with a loss of 7.66 per cent to close at N45.20, while Caverton Offshore Support Group went down by 5.68 per cent to close at 83k per share.

Ecobank Transnational Incorporated (ETI) decreased by 5.16 per cent to close at N10.10, while Union bank of Nigeria declined by 4.58 per cent to close at N6.25 per share. In all, investors bought and sold 129.95 million shares valued at N1.63 billion achieved in 3,022 deals.

Nonetheless, market activities were mixed, as the total volume traded for the day declined by -56.69%, while the total value traded for the day was up by +5.44%. READ: Investors Lose as Bear Returns to Stock Market

Today’s trading record shows that sector performance closed par, as two out of the five major market sectors declined. The banking index fell 2.14%, followed by the Consumer goods sector which shed 0.99%.

On the positive side, the Industrial and Insurance indices popped 0.12%, and -0.10% respectively while the Oil & Gas sector closed unchanged. # Investors Suffer N62bn Loss in Stock Market