Equities Market Lose N234b on Weakened Investors’ Confidence
**As Nestle, Dangote Cement Top Losers’ Chart
By Modupe Gbadeyanka
Transactions on the floor of the Nigerian Stock Exchange (NSE) started the week on a bearish note on Monday with 1.53 percent loss.
This brought to an end the three consecutive bullish sessions recorded at the close last week.
Business Post reports that profit taking by investors as well as poor performance recorded by market heavyweights like Dangote Cement and Nestle dragged the local bourse lower.
Also, weakened investors’ confidence in the market as reflected by the market value, which depreciated by 71.65 percent today, contributed to the bearish performance.
At the close of trading activities today, the year-to-date return depreciated to 9.79 percent with the market breadth closing negative with 16 price gainers and 32 price losers.
The market capitalisation declined on Monday by N233.5 billion to settle at N15.068 trillion, whilst the All-Share Index (ASI) decreased by 650.65 points to finish at 41,988.18 points.
The top losers’ chart was led today by Nestle, which went down by N58.20k to close at N1341.80k per share.
It was followed by Dangote Cement, which depreciated by N8.60k to finish at N251.30k per share, and Nigerian Breweries, which fell by N2.10k to settle at N128.90k per share.
PZ Cussons lost N2 to close at N23 per share, while Nigerian Enamelware dropped N1.15k of its share value to end at N22.10k per share.
On the flip side, International Breweries emerged the biggest price gainer after appreciating by N1.25k to close at N59 per share.
It was trailed by GTBank, which rose by N1 to finish at N47.50k per share, and CCNN, which progressed by 35k to end at N18.50k per share.
Fidson gained 22k to settle at N4.69k per share, while Axa Mansard increased by 13k to close at N2.78k per share.
Business Post reports further that the volume and value of equities transacted by investors on Monday declined by 64.80 percent and 71.65 percent respectively.
A total of 287.2 million shares worth N2.3 billion were sold today in 4,646 deals, compared with 815.9 million shares traded last Friday in 4,808 deals valued at N8.1 billion.
Banking stocks dominated the market on Monday with Skye Bank emerging the most traded stock, exchanging 58 million shares worth N63.2 million.
It was followed by Diamond Bank, which sold 40.3 million units valued at N106.7 million, and FCMB, which traded 35.3 million valued at N89.4 million.
Jaiz Bank traded 19 million shares worth N20.4 million, while Zenith Bank transacted 15.7 million equities for N497 million.