Investors Lose N171bn As Equities Plummet

The Nigerian equities market started the week on a negative, leading to N171bn loss for investors, a total of 752.113 million shares worth N127.933bn exchanged hands in 3,576 deals.

The positive performance recorded on the last trading day of the previous week reversed on Monday as the All-Share Index lost 1.2 per cent to settle at 37,980.67 basis points while year-to-date return reduced to 41.2 per cent.

Activity level softened as volume and value traded declined 52.5 per cent and 58.4 per cent to 202 million units and N3.8bn, respectively.

Performance across sectors was largely bearish as three of the five major indices declined, one closed in the green and the other flat.

The industrial goods index led the laggards, down two per cent consequent on sell offs in Dangote Cement Plc. The consumer goods index followed, falling by 0.7 per cent on account of price depreciations in International Breweries Plc, Flour Mills Nigeria Plc and Nascon Allied Industries Plc, which shed five per cent, 2.7 per cent and 4.9 per cent, accordingly.

Losses in NEM Insurance Nigeria Plc and Aiico Insurance Plc by 2.8 per cent and 3.8 per cent, respectively, dragged the insurance index 0.5 per cent lower.

Source: PUNCH