PZ Cussons, 23 Others Deplete Investors’ Wealth by N9bn

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited ended the first trading session of this week with a marginal 0.02 per cent loss on Monday on the back of continued profit-taking.

The selling pressure depleted investors’ wealth by N9 billion during the trading session, leaving the market capitalisation of the bourse at N56.572 trillion compared with the preceding session’s N56.581 trillion.

At the close of transactions, the All-Share Index (ASI) decreased by 14.92 points to settle at 100,007.11 points, in contrast to last Friday’s 100,022.03 points.

Business Post reports that the consumer goods index lost 0.25 per cent, while the energy space closed flat, as the energy counter appreciated by 1.45 per cent, the banking sector improved by 0.27 per cent, and the insurance counter gained 0.18 per cent.

Investor sentiment was bearish yesterday after the exchange ended with 24 depreciating stocks and 22 appreciating stocks, indicating a negative market breadth index.

PZ Cussons declined by 10.00 per cent to N19.80, CWG lost 9.80 per cent to trade at N6.90, Chams depleted by 9.66 per cent to N2.15, International Energy Insurance shrank by 9.55 per cent to N1.42, and Consolidated Hallmark tripped by 9.27 per cent to N1.37.

On the flip side, Veritas Kapital gained 9.57 per cent to close at N1.26, DAAR Communications improved by 8.33 per cent to 52 Kobo, Conoil jumped by 8.26 per cent to N136.95, Neimeth grew by 7.45 per cent to N1.73, and Ikeja Hotel soared by 7.25 per cent to N7.40.

Trading activities increased during the session with the volume of shares, value of transactions and the number of deals rising by 67.19 per cent, 20.00 per cent, and 12.68 per cent apiece.

This was because traders bought and sold 690.0 million equities worth N7.2 billion in 9,635 deals on Monday, in contrast to the 412.7 million equities worth N6.0 billion transacted in 8,551 deals last Friday.

Ellah Lakes topped the activity chart with 271.5 million shares sold for N814.4 million, Universal Insurance transacted 42.1 million stocks valued at N14.9 million, GTCO exchanged 40.8 million equities worth N1.9 billion, UBA traded 36.0 million shares valued at N846.9 million, and AIICO Insurance posted a turnover of 28.8 million stocks worth N32.5 million.