Equity Investors Lose N545billion In July

Specifically, the market capitalisation slid by N545 billion to close the last trading day of July at N9.620 trillion from N10.165 trillion it opened for the month.

Likewise, the All- Share- Index plunged by 5.36 per cent to close at 28,009.93 points from 29,597.79 points it ended on the last trading day in June, 2016.

The best market performers for the month were MRS by 11.73 per cent gain, Conoil up by 9.18 per cent and Zenith Bank appreciated by 7.23 per cent.

On the flip side, Skye Bank declined the most by 32.69 per cent, Diamond Bank shed 29.33 per cent and Transcorp dipped by 25.99 per cent were the worst performers.

Analysts at Afrinvest Limited noted that investor sentiment continues to be shaped by weakening macroeconomic numbers and expectations of unimpressive half year, 2016 earnings coupled with profit warnings and late filling announcements.

“We believe the upward review of the benchmark rate by the MPC coupled with the current attractive yields in the money market will dampen interest in equities in the short term as we expect investors may redirect funds to the money market,”they said.

Also, the market recorded turnover of N42.874 billion on 4.743 billion shares under the period. Performance across sectors was negative for the month, the Industrial Goods index shed the highest by 13.64 per cent. Oil and Gas index followed with a decline of 7.73 per cent. Insurance went down by 5.26 per cent, Banking by 2.64 per cent and Consumer Goods index declined by 2.21 per cent.