Traders Suffer N29.5 Billion Loss As NGX Equity Trading Kicks Off

The Nigerian Stock Exchange kicked off trading for the week on a bearish note as losses obtained by GTCO (-0.98%) and DANGCEM (-1.82%) pushed the all share-index (ASI) further down.

Thus, the all-share index settled for 44,399.66 bps which represents a -0.12% drop from its’ Friday position of 44,454.67 bps.

Consequently, the all-share index figure of 44,399.66 basis points declined by 209.14 bps from the 52-week highest resistance point of 44,608.80 bps.

Following the above scenario, the Week-to-Date fell to -0.12%, while the Month-to-Date and Year-to-Date (Y-t-D) gain stayed moderated at +3.94%.

Meanwhile, the volume and value of trade declined by -47.2% to 214.32 million units, as against its previous session figure of 405.74 million units traded. These shares’ values which, decreased by -72.5%, were worth NGN2.7 billion and exchanged in 4,410 deals as against NGN9.83 billion traded previously.

The decline in the all share-index, volume, and value of trade resulted in a drop in the equity market cap, as the market lost NGN29.5 billion to close at NGN23,921.71 trillion when compared to the previous session day's position of NGN23,951.21 trillion.

Despite the inactivity in BUAFOODS (+0.00%), the company shares still managed to dominate the volume and value with 102.6 million units worth NGN6.8 billion transacted, followed closely by TRANSCORP (+0.88%) with 97.2 million units worth NGN110.2 million traded.

As measured by market breadth, market sentiment was negative as 16 companies’ stocks lost relative to 14 winners. 

The most gains were made by ETERNA (+7.0%), which closed trading at NGN6.00/unit, and WAPIC (+6.3%), which closed trading at NGN0.51/unit, while VERITASKAP (-8.7%), which closed trading at NGN0.21/unit, and MBENEFIT (-7.4%), which closed trading at NGN0.25/unit, suffered the most losses.