Stock Investors Lose N51bn As Trading Volume Crashes By 78%

Stock market activities on Monday declined as trading volume and value of shares dropped by 77.99 per cent and 73.49 per cent respectively, with investors losing N51.03bn as trading ended.

The Nigerian Exchange Limited, formerly Nigerian Stock Exchange All-Share index dropped by 0.25 per cent to close at 38,864.33 basis points from 38,962.28bps. The market capitalisation of stocks also dropped from N20.30tn the previous trading day to N20.25tn.

The volume of shares traded on the exchange was 139.45 million shares valued at N1.71bn in 3,539 deals compared to 633.52 million shares worth N6.45bn in 3,2228 deals. The NGX Industrial and Insurance indices decreased by 1.10 per cent and 2.34 per cent respectively while other sectoral indices gained.

Sovereign Trust Insurance Plc topped the traded stocks in terms of volume, accounting for 13.68 per cent of the total volume of trades while MTN Nigeria Plc was the most traded stock in value terms occupying 27.15 per cent of the total value of trades on the exchange.

Market sentiment as measured by market breadth was positive as 20 equities appreciated in price while 12 companies saw losses at the end of trading on the floor of the NGX. University Press Plc led the gainers as it rose by 9.80 per cent o N1.12 per share. Transcorp Hotels Plc followed closely with a 9.70 per cent gain to N5.43 per share.

Other top gainers on Friday were Courtville Business Solutions Plc (+9.38 per cent), Oando Plc (+6.07 per cent) and Cutix Plc (+5.38 per cent). Atop the losers’ chart was AXA Mansard Insurance Plc whose share price dropped by 9.94 per cent to close at N2.99 per share. Chams Plc, Sovereign Trust Insurance, Mutual Benefits Assurance and BUA Cement Plc also saw losses that contributed to the decline in the market.Copyright PUNCH.