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Investors Lose N4Bn As Bulls’ Hold On Market Weakens

Nigeria’s capital market trading session ended sluggishly on Tuesday with the market capitalisation dipping by N4 billion to N13.354 trillion as against preceding day’s bullish trend which pushed the capitalization value to N13.358 trillion.

At the close of the day’s trading session, the Nigerian Stock Exchange’s (NSE’s) All-Share Index (ASI) dropped by 0.03 percent to 25,597.96 points, from the preceding day’s high of 25,605.59 points.

Despite the sluggish performance of many listed stocks, market’s negative return year-to-date (ytd) increased to -4.63 percent.

An analysis of the stocks trading showed that in 3,597 deals, investors exchanged 245,139,497 units valued at N3.013 billion as banking stocks were actively traded, while oil & gas stocks as well as manufacturing stocks’ performance was unimpressive.

For instance, Seplat Petroleum Development Company Plc share traded at N385 compared to N390 it traded previously, representing 1.28 percent loss.

A courier services company, Red Star Express Plc’s share price also dipped, from N3.75 to N3.52, losing 23kobo or 6.13 percent compared to Dangote Sugar Refinery Plc’s share which dropped ’from N12.05 to N11.9, losing 15kobo or 1.24 percent.

Oando Plc share price was also down from N2.38 to N2.25, losing 13kobo or 5.46percent; while NPF Microfinance Bank Plc dipped from N1.38 to N1.25, down by 13kobo or 9.42percent.

Gains in stocks like Lafarge Africa (+3.45 percent), Chemical and
Allied Product (+1.19 percent), and GTBank (+0.20 percent) could not reverse the negative.

The banking stocks gainers chart wdominated by FBN Holdings, GTBank, Zenith Bank, Stanbic IBTC and Access Bank, amongst other blue chips

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