Equities Market Begins Week Low as Investors Lose N8.62bn

Samuel Mobolaji

Nigerian equities opened the week on a negative note as the NGX All-Share Index (ASI) extended its losses, while equities investors’ wealth declined by N8.62 billion.

The benchmark market index closed two basis points (bps) lower at 100,006.79 points, while the market capitalization decreased by N8.62 billion, closing at N56.57 trillion.

Statistics from the Nigerian Exchange Limited (NGX), showed that the decline was primarily driven by selloffs in FBN Holdings (-0.65%), Dangote Sugar (-0.86%), and Transcorp (-5.45%), which outweighed gains in Guaranty Trust Holding Company (+0.32%), Zenith Bank (+0.40%), and Access Corporation (+2.08%).

As a result of the market’s performance, the ASI year-to-date (YTD) return fell to 33.75 per cent.

However, analysis of yesterday’s market activities revealed a higher trade turnover compared to the previous session, with the value of transactions increasing by 18.98 per cent.

A total of 689.98 million shares valued at b N7.17 billion were exchanged in 9,635 deals. Ellah Lakes, with 271.49 million units traded, led the volume chart, while Guaranty Trust Holding Company led the value chart with deals worth N1.94 billion.

Market breadth closed negative with a 0.96-to-1 ratio, as declining issues outnumbered advancing ones. PZ Cussons (-10.00%) topped the list of laggards, joined by twenty-two others, while Veritas Kapital Assurance (+9.57%) led the gainers table, followed by twenty-one other stocks.

This decline underscores the mixed sentiment in the market, as investors navigate the complex landscape of Nigeria’s economic environment.