Investors Lose N29bn on Cautious Trading

Investors Lose N29bn on Cautious Trading

By Dipo Olowookere

The bears maintained grip on the Nigerian Exchange (NGX) Limited on Monday, causing the market to further decline by 0.12 per cent at the close of transactions.

Selloffs inspired by weak investor sentiment dominated the local bourse yesterday amid cautious trading as traders watch closely happenings in the political space, which is heating up ahead of the 2023 general elections.

Consequently, the market capitalisation shed N29 billion to settle at N23.922 trillion compared with last Friday’s N23.951 trillion, while the All-Share Index (ASI) dropped 55.01 points to close at 44,399.66 points versus the previous 44,454.67 points.

Financial stocks performed badly yesterday, with the insurance and banking indices losing 0.19 per cent and 0.08 per cent respectively, while the industrial goods, energy and consumer goods sectors appreciated by 0.81 per cent, 0.21 per cent and 0.20 per cent respectively.

A total of 16 stocks closed on the gainers’ chart yesterday, while 22 stocks ended on the losers’ table, indicating a negative market breadth.

Veritas Kapital was the heaviest price loser, depreciating by 8.70 per cent to trade at 21 kobo, Mutual Benefits lost 7.41 per cent to sell for 25 kobo, Cornerstone Insurance fell by 7.27 per cent to 51 kobo, BUA Foods declined by 6.36 per cent to N61.80, while Courtville depreciated by 5.41 per cent to 35 kobo.

On the flip side, The Initiates was the biggest price riser as it value rose by 10.00 per cent to 44 kobo, Sunu Assurances grew by 9.68 per cent to 34 kobo, Eterna gained 6.95 per cent to trade at N6.00, Coronation Insurance appreciated by 6.25 per cent to 51 kobo, while Consolidated Hallmark Insurance jumped by 4.48 per cent to 70 kobo.

At the close of trades on Monday, investors traded 214.3 million stocks worth N2.7 billion in 4,410 deals compared with the 4045.7 million stocks worth N9.8 billion transacted at the preceding session in 3,880 deals, indicating a decline in the trading volume and value by 47.18 per cent and 72.64 per cent respectively and an increase in the number of deals by 13.66 per cent.

Analysis of the transactions by Business Post showed that Transcorp emerged as the most active stock with a turnover of 39.4 million units valued at N43.1 million.

FBN Holdings traded 25.5 million equities worth N306.0 million, GTCO exchanged 24.8 million shares valued at N625.1 million, Zenith Bank traded 20.9 million equities for N533.0 million, while Fidelity Bank sold […]

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