• Saturday, June 22, 2024
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Honeywell, Chellaram, other stocks cause market’s N90bn loss

Foreigners raise equities bet as 4-month deal hits N334bn

Nigeria’s equities market opened the new week in red as investors sold mostly shares of Honeywell Flourmills Plc, Chellaram Plc, Livestock Feeds Plc, Prestige Assurance Plc and Mutual Benefits Assurance Plc.

Following last week’s positive sentiment seen across all sectoral indices except the insurance sector, market watchers foresaw the possibility of moderations this week, as investors begin to take profit.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated by 0.13percent or N90billion from 52,512.48 point and N28.602 trillion respectively to 52,348.82 points and N28.512trillion.

UBA, GTCO, Transcorp, FBN Holdings and Zenith Bank were among actively traded stocks on the Exchange. In 5,219 deals, investors exchanged 221,854,219 shares valued at N3.249billion.

Honeywell led the league of decliners after its price dropped from N2.41 to N2.26, losing 15kobo or 6.22percent. Chelleram followed from N1.34 to N1.21, shedding 13kobo or 9.70percent, while Livestock Feeds dropped from N1.30 to N1.20, down by 10kobo or 7.69percent.