Large-cap stocks drag market lower, investors lose N11.83bn

The Nigerian equities market started the week on a negative note as declines in some large-cap stocks saw the market closing lower by N11.83bn at the end of trading.

The Nigerian Exchange Limited’s All-Share Index fell by 0.05 per cent to close at N22.56tn from N22.57tn on Friday, while the market capitalisation dropped to 43230.34 basis points from 42,253.01bps.

Investor activity on the floor of the NGX on Monday was negative as trading volume and value dipped by 6.8 per cent and 7.75 per cent, respectively.

A total of 293.43 million shares valued at N4.29bn were traded in 4,329 deals, compared to 314.85 million units worth N4.65bn in 3,400 deals on Friday.

FBN Holdings Plc was the most traded stock by volume and value, accounting for 34.5 per cent and 28.96 per cent of the total trading volume and total value of trades on the NGX respectively.

Analysing by sectors, the NGX Oil & Gas, Insurance, Consumer Goods, and Industrial Goods indices appreciated by 0.08 per cent, 0.06 per cent, 0.05 per cent and 0.01 per cent respectively, while the NGX Banking index declined by 0.37 per cent.

The market sentiment, as measured by market breadth, was positive as 20 firms gained compared to 14 losers.

Cutix Plc led the gainers’ chart with a 9.89 per cent gain to close at N3 per share at the end of trading on the floor of the NGX. It was followed by Livestock Feeds Plc, which appreciated by 9.5 per cent to N2.19 per share.

Atop the losers’ chart was Veritas Kapital Insurance Plc as its share price fell by 8.7 per cent to N0.21. FTN Cocoa Processors Plc came next with a 6.82 per cent drop to N0.41 per share.

“The Nigeria equities market resumed the new week on a negative note to sustain the downtrend to four consecutive trading sessions following the price depreciation in MTNN and major banking stocks such as UBA, ETI among others,” said analysts at Atlas Portfolios Limited.

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