Equity market opens week with a loss of N57 billion

Equity market opens week with a loss of N57 billion
Equity market opens week with a loss of N57 billion

Monday’s trading session opened on a negative note, reversing the previous days’ bullish trend on the Nigerian Exchange Limited and resulting in a substantial N57 billion loss for investors.

The All-Share Index and market capitalization experienced a 0.15% decline, closing at 71,008.70 and N39.050 trillion, respectively.

Key contributors to the market losses were Zenith Bank (-0.75%), Stanbic IBTC Holdings (-7.08%), NB (-2.50%), AccessCorp (-0.58%), Fidelity Bank (-0.57%), and 10 other stocks, collectively keeping the All-Share Index in negative territory.

Market activity saw a decline, with both value and volume traded decreasing by 27.77% and 18.83%, reaching N4.36 trillion and 358.45 million units, respectively.

In terms of market breadth, a measure of investor sentiments, the day ended positively with 36 gainers and 15 losers.

MeCure Industries, Multiverse, ABC Transport, C&I Leasing, and Northern Nigerian Flour Mills dominated the gainers’ chart, each closing with gains of 9.95%, 9.92%, 9.88%, 9.84%, and 9.83%, respectively.

Among the losers were RT Briscoe (-9.84%), Prestige (-9.09%), Stanbic IBTC (-7.08%), Computer Warehouse Group (-3.14%), and Caverton (-2.78%).

The total number of losers decreased to 15. Notable losers included RT Briscoe, which lost 9.84%, closing at N0.55, and Prestige, which lost 9.09%, closing at N0.50.

Stanbic IBTC also experienced a 7.08% loss in its share value, closing at N65 per unit.

The volume and value drivers for the day included the stocks of AccessCorp, AIICO, Zenith Bank, Geregu Power, VFD Group, and Airtel Africa.