Sliding Investors’ Confidence Shaves Off N77billion from Equities Market

The lingering bear run at the Nigerian stock market on Thursday, July 21, pulled down lead indices on the Bourse as trading closed in the red.

The negative sentiment that ran through activities on the floor shaved off total equities value by N77 billion to close market capitalisation at N9.616 trillion.

This loss was attributed to a decline in investors’ confidence which has become increased after the half year financial reports by some companies listed on the bourse turned out to be unfavourable to investors’ interest.

The negative trend on the market, also affected market breadth, turnover and transacted deals as they all followed suit to end the session.

Of the 49 stocks that traded on floor, declining stocks outnumbered advancing ones in the ratio 35 to six, while eight other stocks closed flat as at the end of the day. Traded volume and value recorded a decline change of 26.66 per cent and 10.47 per cent respectively.

At the close of trading, investors exchanged 227.135 million shares worth N1.808 billion in 3,426 trades as compares with 309.72 million shares valued at N2.084 billion that exchanged hands in 3,934 deals on Wednesday.