Stock Investors Begin New Week With N123bn Loss

By Dipo Olowookere

Equity investors saw their portfolios depleted by 0.21 per cent at the Nigerian Exchange (NGX) Limited on Monday due to profit-taking.

It was observed that traders were not moved by the reports from the National Bureau of Statistics (NBS) yesterday that the country’s gross domestic product (GDP) improved in the third quarter of 2024 by 3.46 per cent and the unemployment rate came down to 4.3 per cent in the second quarter of the year.

They maintained their decision to sell off their stocks to stay safe because of the continued inflationary pressures in the country.

At the close of business, the market capitalisation depreciated by N123 billion to N59.169 trillion from N59.292 trillion and the All-Share Index (ASI) went down by 202.75 points to 97,626.27 points from 97,829.02 points.

Business Post reports that the insurance space gained 0.69 per cent and was the only in the green zone among the key sectors of the bourse.

The banking counter fell by 1.60 per cent, the energy index weakened by 0.24 per cent, the industrial goods sector depreciated by 0.16 per cent, and the consumer goods space crumbled by 0.03 per cent.

The biggest loss was suffered by Secure Electronic Technology, which tumbled by 9.84 per cent to trade at 55 Kobo, DAAR Communication declined by 9.68 per cent to 56 Kobo, Austin Laz shed 9.40 per cent to settle at N2.41, Guinea Insurance slumped by 9.09 per cent to 50 Kobo, and Lasaco Assurance plunged by 8.63 per cent to N2.33.

On the flip side, Haldane McCall posted a price appreciation of 10.00 per cent to quote at N5.61, Sunu Assurances increased by 9.81 per cent to N3.47, NCR Nigeria expanded by 9.72 per cent to N4.74, Sovereign Trust Insurance gained 9.52 per cent to settle at 69 Kobo, and Tantalizers advanced by 9.32 per cent to N1.29.

Data indicated that investor sentiment was weak on the first trading day of the week as the NGX finished with 29 price gainers and 30 price losers, representing a negative market breadth index.

A total of 671.3 million shares valued at N10.6 billion exchanged hands in 10,454 deals during the session versus the 366.6 million shares worth N6.1 billion traded last Friday in 9,677 deals, implying a rise in the trading volume, value and number of deals by 83.12 per cent, 73.77 per cent and 8.13 per cent apiece.

FBN Holdings topped the activity chart after selling 245.3 million equities for N6.2 billion, Haldane McCall traded 47.1 million stocks worth N264.5 million, Tantalizers exchanged 35.4 million shares valued at N45.6 million, Guinea Insurance transacted 32.9 million stocks for N17.9 million, and Prestige Assurance traded 32.8 million equities for N25.8 million.