Investors Lose N80bn As Stock Market Reverses Gains

Investors in the Nigerian Exchange Limited recorded a loss of N80.44bn on Monday as equities reversed a nine-day consecutive upswing.

The NGX All-Share index dropped by 0.38 per cent from 40,868.36 basis points on Friday to 40,714bps on Monday while the market capitalisation of stocks declined to N21.22tn from N21.30tn.

Investor activity by trading volume plummeted by 42.28 per cent to 91.31 million shares valued at N2.58bn in 4,395 deals, compared to 331.06 million shares worth N2.92bn in 3,986 deals on Friday.

Analysing by sectors, the NGX Industrial and Consumer Goods indices declined by 0.58 per cent and 1.00 per cent respectively while the NGX Banking and Insurance indices rose by 0.75 per cent and 0.95 per cent respectively. The NGX Oil and Gas index stood flat.

Market sentiment as measured by market breadth was positive as 18 tickers appreciated as against 17 losers.

NEM Insurance Plc led the gainers’ chart with a 9.95 per cent appreciation in its share price to close at N2.10 per share. Champion Breweries Plc followed closely with a 9.52 per cent rise to N2.30 per share.

Other top gainers on Monday were Ecobank Transnational Incorporated (9.52 per cent), Royal Exchange Plc (8.77 per cent), Lafarge Africa Plc (4.93 per cent).

Atop the losers’ chart was Sovereign Trust Insurance Plc with an 8.33 per cent decline, ending the day at N0.22 per share.

Nigerian Breweries Plc dropped by 6.06 per cent as it closed at N46.50 per share. AIICO Insurance Plc, University Press Plc and Universal Insurance Plc lost 5.26 per cent, 5.06 per cent and 4.55 per cent.