Nigerian equities investors lose over $247mln as stock market sustains bears

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The Nigerian equities on Tuesday extended losses from the previous session as the All-Share Index closed 0.36 per cent lower at 52,756.62 basis points.

The weak performance at the Nigerian Exchange Limited (NGX) was driven by losses in MTN Nigeria, Flour Mills of Nigeria (FMN), and Zenith Bank as their respective share value depreciated by 1.73 per cent, 9.20 per cent and 1.03 per cent.

Consequently, the Month-to-Date and Year-to-Date return moderated to +6.3 per cent and +23.5 per cent, respectively.

Therefore, investors lost N101.36 billion after the market capitalisation settled at N28.44 trillion at the end of trading activities on Tuesday.

Market breadth also closed negative with declining issues outnumbering advancing ones. On the chart, FMN topped 27 others on the laggard’s log having lost 9.20 per cent from its share value, while PZ led 20 others on the leader’s table after its share price appreciated by 9.96 per cent.

Performance across sectoral coverage was broadly negative, as the Consumer Goods, Banking, Oil & Gas, and Insurance indices printed losses by 0.5 per cent, 0.4 per cent, 0.3 per cent and 0.2 per cent, while the Industrial Goods indices closed higher by 0.1 per cent.

Further analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions advancing by 55.62 per cent.

The total volume of trades increased by 253.8 per cent to 1.32 billion units, valued at N7.72 billion, and exchanged in 6,449 deals. FCMB Holding was the most traded stock by volume and value at 775.09 million units and N2.96 billion, respectively.