Investors lose N27bn in four days as analysts predict gloomy outlook

The bears strengthened their hold on the equities sector of the Nigerian Exchange Limited (NGX), as more blue-chip stocks depreciated in price, causing investors’ fortune to dip further by N27 billion in four trading days.

Specifically, the market capitalisation of listed equities declined by N27 billion to N20.424 trillion from N20.451 trillion at which it opened for transactions on Monday.

Also, the All Share Index, which measures the performance of, quoted companies depreciated by 51.66 points or 0.13 per cent to 39,201.33 points from 39,252.89 points.

Yesterday, investors traded 350.528 million shares valued at N3.347 billion in 3523 deals against 354.061 million shares worth N3.202 billion exchanged hands in 4095 deals.

Analysts at Afrinvest said: “In the final trading session, we anticipate positive performance as investors take advantage of bargains in the market.”

Vetiva Dealings and Brokerage said: “Market sentiment seems to have retreated into negative territory, with pent up local supply against shallow demand amid investors staying on the sidelines. We anticipate market closing negative as investors continue to take profit.”

On the price movement chart, 21 stocks depreciated in price while nine stocks constituted the losers’ chart. Cornerstone Insurance topped the losers’ chart, shedding 7.69 per cent to close at 48 kobo while AIICO Insurance trailed with a loss of 6.86 per cent to close at 95 kobo.

Learn Africa dipped by 5.56 per cent to N1.36 kobo. Livestock Feeds fell by 5.45 per cent to N2.08 kobo. Honeywell Flour also dipped by 5.13 per cent to N3.88 kobo.

On the contrary, Chams Plc led the gainers’ chart, adding 4.76 per cent to 22 kobo while United Bank for Africa followed with a gain of 4.67 per cent to close at N7.85 kobo. Cutix Plc added 4.60 per cent to N5. Oando Plc gained 3.08 per cent to close at N4.68 kobo. Nigerian Breweries also appreciated by 1.25 per cent to N48.65 kobo.

On the activity chart, FBNHoldings Plc recorded the highest volume of transactions, exchanging 97.728 million shares valued at N729.640 million while Wema Bank followed, accounting for 74.856 million shares worth N58.482 million.

Access Bank traded 47.750 million shares cost N451.171 million, Livestock Feeds exchanged 12.852 million shares worth N26.667 million while Nigerian Breweries sold a total of 10.002 million shares valued at N486.817 million.