Investors lose N33bn as market reroutes south

...Stanbic, UBA, Caverton top laggards

Nigeria’s equities market on Thursday failed to sustain previous day’s gain, despite earlier expectations of continuing cherry picking activities.

Investors lost about N33billion at the close of trading session on Thursday. Month-to-date (MtD), the market has decreased by 0.71 percent, while week-to-date (WtD) it has dropped by 1.40 percent.

The market rerouted south by 0.12 percent, driven among others by topmost laggard like Stanbic IBTC Holdings which dropped from a high of N29 to N28.05, losing 95kobo or 3.28percent.

Read also: Market loses N4bn as stock investors ignore advantage of price dip

It was followed by UBA which dropped from a high of N7.20 to N7, shedding 20kobo or 2.78percent, while Caverton Offshore Support Group also made the top laggards list after its share price dipped from day open high of N1.05 to N1.02, shedding 3kobo or 2.86percent.

At the close of trading session, investors in 4,292 deals exchanged 133,591,047 shares valued at N2.437billion. UBA, Chams, Access Holdings, Japaul Gold and Jaiz Bank were top-5 traded stocks on the Bourse.

The stock market’s record positive return year-to-date (YtD) decreased to 17.09percent. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding day highs of 50,075.47 points and N27.009trillion respectively to 50,014.6 points and N26.976trillion.

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