Investors lose 29 billion naira on cautious trades

By Dipo Olowookere

The bears maintained their grip on the Nigerian Exchange (NGX) Limited on Monday, driving the market down another 0.12% at the close of trade.

Selloffs driven by weak investor sentiment dominated the local stock market yesterday amid cautious trading as traders closely watch events in the political space, which is heating up ahead of the 2023 general election.

As a result, the market cap fell N29 billion to N23.922 billion from last Friday’s N23.951 billion, while the All-Share Index (ASI) fell 55 .01 points to close at 44,399.66 points from the previous 44,454.67 points.

Financial stocks performed poorly yesterday, with the insurance and banking indices losing 0.19% and 0.08% respectively, while the industrial goods, energy and consumer goods sectors rose 0.81% respectively. %, 0.21% and 0.20%.

A total of 16 stocks closed on the winners chart yesterday, while 22 stocks ended on the losers chart, indicating negative market breadth.

Veritas Kapital was the biggest loser, depreciating 8.70% to trade at 21 kobo, Mutual Benefits lost 7.41% to sell at 25 kobo, Cornerstone Insurance fell 7.27% to 51 kobo , BUA Foods fell 6.36% to 25 kobo. N61.80, while Courtville depreciated 5.41% to 35 kobo.

On the other hand, The Initiates was the biggest price riser as its value increased by 10.00% to 44 kobo, Sunu Assurances increased by 9.68% to 34 kobo, Eterna gained 6.95% to trade at N6.00, Coronation Insurance rose 6.25% to 51 kobo, while Consolidated Hallmark Insurance jumped 4.48% to 70 kobo.

As of the close of trading on Monday, investors traded 214.3 million shares worth 2.7 billion naira in 4,410 trades, compared to 4,045.7 million shares worth 9, 8 billion naira traded in the previous session in 3,880 transactions, indicating a decline in trading volume and value. of 47.18% and 72.64% respectively and an increase in the number of transactions of 13.66%.

Analysis of transactions by Business post showed that Transcorp emerged as the most active stock with a turnover of 39.4 million units worth N43.1 million.

FBN Holdings traded 25.5 million shares worth N306.0 million, GTCO traded 24.8 million shares worth N625.1 million, Zenith Bank traded 20 .9 million shares for N533.0 million, while Fidelity Bank sold 10.4 million shares for N27.2 million.

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