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Politics

Equities market opens week bearish as investors lose N51bn

Equities trading at the domestic stock market carried over last week’s bearish performance as sell pressures on Nestle Nigeria and Dangote Sugar contributed to the overall lull in the market as these FMCG’s stocks dipped 10.0 percent and 7.7 percent, respectively.

Accordingly, the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) declined by 0.09 percent to close at 101,995.21 basis points.

Sequentially, the Month-to-Month (MTD) and Year-to-Date (YTD) returns moderated to 0.8 percent and 36.4 percent, respectively.

Equities investors therefore lost N51 billion as the market capitalisation also depreciated by 0.09 percent to settle at N55.81 trillion at the end of reading activities on Monday.

As measured by market breadth, market sentiment was mixed as an equal number of tickers lost and gained. On the performance board, Nestle Nigeria and Eternal recorded the most significant losses of the day having dipped in respective share value by 10.0 percent to settle at N990 and N15.80 per share, while Nascon Allied Industries and First Bank of Nigeria Holdings topped the gainers’ list having appreciated by 10.0 percent and 9.7 percent, leaving their share prices at N66 and N34, respectively.

Sectoral performance was mixed, as the Consumer Goods and Oil & Gas indices declined by 1.5 percent and 0.4 percent, respectively; while the Banking and Insurance indices advanced by 1.4 percent and 0.2 percent, respectively. Meanwhile, the Industrial Goods index closed flat.

However, activities at the local bourse was impressive on Monday as the total volume traded increased by 1.1 percent to 294.32 million units, valued at N6.72 billion, and exchanged in 9,957 deals. First Bank of Nigeria Holdings was the most traded stock by volume and value at 73.84 million units and N2.42 billion, respectively.

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