Investors Lose N312bn On NGX As Bearish Position Persists

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The Nigerian equity market on Monday extended a negative position as it recorded loses in some high capitalised stocks such as MTN Nigeria and Guranty Trust Holding Company GTCO, amongst others.

Also, the market capitalisation decreased by N312.44 billion to close at N27.718 trillion from N28.031 trillion it stood on Friday, representing 1.11per cent decrease.

The All-Share-Index decreased by 111 basis points or 1.11 per cent to 51,400.53 points from 51,979.92 points recorded on Friday.

Consequently, it indicated a Year-to-Date(YTD) increased return of 21.33 per cent.

Analysts at GTI says, “The Nigerian stock market begins the week negative as investors continue to react to the recent interest rate hike and the prevailing sovereign risk.

” We expect the trend to persist throughout the week.”

Investors Lose N312bn On NGX As Bearish Position Persists

The market breadth was negative as 13 stocks advanced and 17 stocks declined.

A breakdown of the price movement chart shows that CAP, FTNCocoa and NAHCO topped the gainers’ list with 10 per cent each to close at N18.17, 33k and N6.05 per share, respectively.

Multiverse Mining and Offshore Technology trailed with 7.89 per cent to close at N2.05, while Unity Bank rose by 7.14 per cent to close at 45k per share.

Mutual Benefits Assurance also rose by 4.17 per cent to close at 25k while Fedelity Bank inched up by 3.37 per cent to close at N3.37 per share.