Investors Lose Over N125 Billion as Stock Market Bleeds

Equities investors lost more than N125 billion on Monday as the Nigerian stock market bled heavily amidst earnings releases by listed companies. Yesterday’s loss wiped off the entire gain recorded last week as sell-offs returned.

The Nigerian Exchange’s key performance indicators dipped, year to date moderated and market capitalisation decreased by N125.45 billion.

The N125.45 billion difference made the market close at N27.23 trillion from N27.36 trillion posted on Friday and represented a 0.46 per cent decrease.

Sell-offs in all the industrial and consumer goods sectors led to a decrease in the market. The All-Share Index (ASI) dropped by 0.46 per cent to close at 50,489.73 points from 50,722.33 points recorded on Friday.

Consequently, this indicates a year-date-date return of 18.20 per cent.  Japaul Gold and Ventures led the gainers with 8.82 per cent to close 37k per share.

This is followed by Honeywell Flour Mill with 5.73 per cent to close at N2.95 per share, while Cornerstone Insurance Company gained by 5.63 per cent to close at 75k per share.

Also, Lasaco Assurance appreciated by 5.38 per cent to close at 98k per share and UCAP rose by 4.49 per cent to close at N12.80 per share.

On the other hand, RT Briscoe was last with a decline of 10 per cent to close at 36k per share. Industrial & Medical Gases followed with 9.84 per cent to close at N8.25 per share.

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Skyway Aviation Handling Company and Ellah Lakes fell by 9.6 per cent each to close at N5.65 and N3.58 per share, respectively. Also, Caverton declined by 1.09 per cent to close at N6.84 per share.

FBN Holdings recorded the highest volume of 74.6 million shares sold at 820.15 million Multiverse Mining & Exploration followed by N20.5 million shares traded at N38.53 million.

Access Holdings transacted 12.3 million shares worth N111.16 while AIICO Insurance sold 11.6 million shares valued at N219.15. Zenith Bank sold 10.23 million shares worth N35.99 million.

The market turnover increased to N2.12 billion from N1.93 billion posted on Friday. The market breadth was negative as 10 stocks advanced and 15 declined.

Also, First Bank of Nigeria Holding (FBNH) recorded the highest volume of trade and the highest value of trade for the day. # Investors Lose N125bn as Stock Market Bleeds