Investors Lose N21 Billion As Stock Market Losses Continue

The Nigerian equities market on Wednesday extended negative posture with the crucial market indicators dropping further by 0.16 per cent amounting to a loss of N21 billion.

Specifically, the All Share Index dipped 41.45 points or 0.16 per cent to close at 26,472.20 against 26,513.65 achieved on Tuesday.

Also, investors lost N21 billion in value as market capitalisation closed lower at N12.886 trillion against N12.907 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which are Stanbic IBTC Holdings, Lafarge Africa, MTN Communications Nigeria, Ecobank Transnational Incorporated (ETI) and Sterling Bank.

Speaking on market performance, Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd, attributed the volatility being experienced in the market to lack of liquidity.

Omordion said that the mixed performance would continue in the medium term until third quarter results hit the market.

He said that investors should take advantage of the market current level to increase their stake in the equities market, especially medium-to-long term investors.

Wapic Insurance led the losers’ chart in percentage terms with 8.57 per cent to close at 32k per share.

Chams followed with a decline of 8.33 per cent to close at 22k, while Sterling Bank declined by 7.69 per cent to close at N1.80 per share.

Lafarge Africa depreciated by 4.06 per cent to close at N15.35 and ETI declined by 2.78 per cent to close at N7.00 per share.

Conversely, Law Union & Rock Insurance led the gainers’ chart in percentage terms, increasing by 9.09 per cent to close at 48k per share.

Livestock Feeds followed with a gain of 6.38 per cent to close at 50k, while Courteville Business Solutions appreciated by five per cent to close at 21k per share.

Dangote Flour Mills rose by 3.34 per cent to close at N23.20, while Africa Prudential appreciated by 2.56 per cent to close at N4 per share.

The News Agency of Nigeria (NAN) reports that total volume traded depreciated by 20.65 per cent with an exchange of 138.47 million shares worth N3.60 billion traded in 2,487 deals.

This was in contrast with a total of 174.41 million shares valued at N2.32 billion exchanged in 2,484 deals on Tuesday.

Access Bank topped the activity chart with 20.72 million shares worth N153.36 million.

Global Spectrum Energy Services came second with 20.02 million shares valued at N94.09 million, while Zenith Bank traded 14.88 million shares worth N266.4 million.

Transcorp sold 14.36 million shares valued at N14.64 million, while FBN Holdings accounted for 10.87 million shares worth N58.32 million.

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