On Tuesday, equity investors in Nigeria’s stock market lost roughly N62 billion as the local bourse fell after selloffs in small and mid-cap stocks. Profit-taking operations resumed at the start of the week reducing market capitalization by 0.24%.
The year-to-date return then dropped to 10.78% as investors rebalanced their portfolios in response to shifting market conditions, while there was a robust rise in the previous week despite a 1% hike in the benchmark interest rate.
According to trading statistics, the NGX All-Share Index fell 113.48 basis points to settle at 47,322.97 points. Stock market capitalization fell N61.81 billion to N25.775 trillion, down from N25.837 trillion on Monday.
Meanwhile, the market breadth was flat, with 12 equities on the winners’ and losers’ lists. A breakdown of the price movement table revealed that Chams Plc led the gainers’ table with a 9.09 percent increase to close at 24k per share.WAPIC lagged with a 6.06 percent increase to N35k, while NPF Microfinance Bank gained 5.33 percent to N1.58 per share.
First City Monument Bank gained 3.08 percent to conclude at N3.55 per share, while Jaiz Bank gained 3.66 percent to close at 85k. Neimeth International Phama, on the other hand, lead the losers’ table, rising 7.97% to close at N1.27 per share. Nigerian Breweries then suffered a loss of 7.66 per cent to close at N45.20, while Caverton Offshore Support Group went down by 5.68 per cent to close at 83k per share.
Ecobank Transnational Incorporated (ETI) fell 5.16 percent to N10.10 per share, while Union Bank of Nigeria down 4.58 percent to N6.25 per share. In all, investors acquired and sold 129.95 million shares for N1.63 billion in 3,022 transactions.
Nonetheless, market activity was uneven, with total volume traded for the day falling by -56.69% while total value moved increased by +5.44%. READ: Investors Suffer as the Bear Returns to the Stock Market
The trading record for today reveals that sector performance was level, with two of the five major market sectors declining. The banks index plummeted 2.14%, while the consumer goods sector fell 0.99%.
OnA the positive side, the Industrial and Insurance indices popped 0.12%, and -0.10% respectively while the Oil & Gas sector closed unchanged. # Investors Suffer N62bn Loss in Stock Market
