Connect with us

FEATURED NEWS

Investors lose N288bn as stock market reverses gains

Published

on

Stock market

Investors in the equities market of the Nigerian Stock Exchange lost N288bn on Wednesday as the stock market reversed the gains it made earlier in the week.

The market capitalisation of listed equities, which rose from N11.989tn on Friday to N12.033tn on Monday and N12.117tn on Tuesday, dropped by 2.38 per cent to N11.829tn at the end of trading on the floor of the Exchange on Wednesday.

The All Share Index declined by 2.37 per cent to settle at 32,403.60 basis points from 33,191.45bps recorded on Tuesday, while the year-to-date loss worsened to -15.3 per cent.

Activity level was mixed as volume traded increased by 105.7 per cent to 380.965 million units while value of shares traded dropped by 0.8 per cent to N2.332bn.

Analysts at Meristem Securities Limited said investors’ weakening optimism towards the Nigerian equities market dragged it underwater at the close of Wednesday’s trading activities.

The top traded stocks by volume were FCMB Group Plc (142.696 million units), Access Bank Plc (90.797 million units) and Transnational Corporation of Nigeria (16.353 million units) while the top traded stocks by value were Access Bank (N726.324m), Nigerian Breweries Plc (N330.239m) and FCMB (N221.123m).

Sector performance, as measured by the NSE-Sector Indices, showed that three sectors ― consumer goods index, oil and gas index and industrial index ― declined by 1.20 per cent, 0.24 per cent and 4.14 per cent, respectively, while the insurance index and banking index advanced by 0.41 per cent and 0.53 per cent, respectively.

The top five gainers were Diamond Bank Plc, Law Union & Rock Insurance Plc, Niger Insurance Plc, WAPIC Insurance Plc, and Fidelity Bank Plc, which appreciated by 9.45 per cent, 7.69 per cent, 7.69 per cent, 7.32 per cent and 5.13 per cent, respectively.

The top five losers were Mcnichols Plc, Trans-Nationwide Express Plc, Red Star Express Plc, Dangote Cement Plc and LASACO Assurance Plc, which declined by 10.00 per cent, 8.45 per cent 7.61 per cent, 6.76 per cent and 6.67 per cent, respectively.

Analysts at Afrinvest Securities Limited said, “We expect a rebound tomorrow (Thursday), although we opine that bearish sentiments remain elevated over the near term.”

Meanwhile, Cadbury Nigeria Plc released its financial statements on Wednesday, showing an increase in its profit after tax, revenue and profit before tax by 366.78 per cent, 10.65 per cent and 492.21 per cent, respectively.

Facebook Comments

(Visited 1 times, 1 visits today)
Click to comment