Stock Market Cap Tumbles as Investors Lost N364 Billion
Nigerian stock market capitalisation tumbles as equities investors lost N364 billion on Tuesday following 2-day losing streaks in the local bourse. The negative trend has persisted but this time steeper with the all-share index sinking 181 basis points to close at 37,847.07 points while market capitalization fell below N20 trillion for the first time since May 30th 2021, to N19.725 trillion.
Consequently, year to date losses expanded to 6.02% as analysts noted that the bearish performance was driven by selloffs in bellwether stocks such as AIRTELAFRI (-10%) and BUACEMENT (-2.71%), coupled with losses in ZENITH (-0.42%), FBNH (-2.05%), STANBIC (-0.88%), amongst others.
Topping the chart on today’s price list were FIDSON (+10.00%), VITAFOAM (+9.68%) and REDSTAREX (+9.55%). On the other hand, AIRTELAFRI (-10.00%), MBENEFIT (-7.32%) and CORNERST (-7.27%) were today’s biggest losers.
On a sector basis, the NSE Banking, NSE insurance and NSE Industrial indices closed in negative, moderating by 7bps, 39bps, and 113bps respectively. These offset the gains recorded the NSE Oil & Gas and NSE consumer goods indices which gained 5bps and 2bps, respectively.
Unlike to the benchmark performance, market’s activity positive, with the total volume expanding by 4.22% to 218 million units, while the total value traded rose sturdily by 54.51% to N2.724 billion.
Today’s most traded stocks by volume were TRANSCORP (42.4mn units), VITAFOAM (20.1mn units), and DANGSUGAR (17.6mn units).
On the other hand, the top traded stocks by value were MTNN (N333.7mn), DANGSUGA (N312.1mn), and TRANSCORP (N271.6mn).
Elsewhere, Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) closed flat.
Accordingly, month-to-date return turned negative (-1.5 per cent). Airtel Africa led the losers’ chart in percentage terms by 10 per cent to close at N678 per share.
Mutual Benefits Assurance came second with 7.32 per cent to close at 38k, while Cornerstone Insurance shed 7.27 per cent to close at 51k per share.
Learn Africa dropped 6.48 per cent to close at N1.01, while Ikeja Hotel depreciated by 6.19 per cent to close at 91l per share.
Conversely, Fidson Healthcare led the gainers’ chart in percentage terms with a gain of 10 per cent to close at N5.06 per share.
Vitafoam trailed by 9.68 per cent to close at N13.60, while Red Star Express rose by 9.55 per cent to close at N3.67 per share.
Veritas Kapital Assurance appreciated by 9.09 per cent to close at 24k, while Chams and Courteville Business Solutions rose by five per cent each to close at 21k per share each.
In spite of the drop in key market indices, the total volume of shares transacted increased by 4.33 per cent to 218.27 million shares valued at N2.73 billion in 3,524 deals.
This was against a turnover of 209.21 million shares worth N1.76 billion exchanged in 3,390 deals on Monday. Transactions in the shares of Transcorp topped the activity chart with 42.44 million shares valued at N37.21 million.
Vitafoam followed with 20.13 million shares worth N271.57 million, while Dangote Sugar traded 17.63 million shares valued at N312.11 million. FBN Holdings sold 12.39 million shares worth N88.46 million, while Access Bank transacted 11.52 million shares valued at N98.38 million.
Stock Market Cap Tumbles as Investors Lost N364 Billion
