Investors Lose N113bn, As NSE Index Down 0.98%

Investors Lose N113bn, As NSE Index Down 0.98%

Nigerian Stock Exchange (NSE) LAGOS – The losing streak in the domestic equities market continued yesterday as the market extended its losses to the second trading session of the week on the back of sustained losses in bellwether stocks like Nigerian Breweries, Nestle Nigeria and Unilever Nigeria.

As a result, the All Share Index shed 0.98 per cent to 30,226.7 points while year-to-date (YTD) loss further dipped to -3.8 per cent and N113.667 billion was wiped off investors’ wealth as market capitalisation fell to N11.4 trillion.

Furthermore, activity level was mixed as value traded advanced by 23.3 per cent to N4.5 billion, while volume traded declined by 78.2 per cent to 376.5 million units.

The top traded stocks by value were Nestle Nigeria at N905.2 million, Nigerian Breweries at N776.5 million and Guaranty Trust Bank atN720.8 million, while the top traded stocks by volume were First City Monument Bank with 53.9 million units, Sterling Bank with 41.4 million units and United Bank for Africa with 41.3 million units.

Performance across sectors was mixed, albeit negatively skewed as only two out of five sectors under coverage advanced.

The insurance index advanced the most by 0.9 per cent as investors took position in NEM Insurance (+5.0%) and Custodian Investment (+0.82%), while the Industrial index advanced marginally by 0.1 per cent as gains in Dangote Cement (+1.1%) offset sustained losses in Beta Glass (+10.0%).

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