Nigeria’s equities investors lose N35bn as week opens

Nigeria’s equities market opened the new week on a negative note. Investors booked about N35 billion loss at the close of the trading session on Monday, June 28 as 13 stocks gained against 18 losers.

The equities market’s negative close still happened despite analysts’ expectations of a rebound. BOC Gas led the losers table after its share price moved from N10.55 to N9.50, losing N1.05 or 9.95percent, while Ikeja Hotel led the advancers after rising from N1 to N1.10, up by 10kobo or 10percent.

“Given that last week ended with renewed interest in the banking space and improved activity levels, we foresee a positive start to this week’s trading”, said Vetiva Capital Management analysts in their June 28 note to investors.

Read also: Nigeria equities market starts new week with marginal gain

“This week, we expect the equities market to record a rebound following bullish sentiments observed towards the end of the prior week. In addition, the market appears to be technically oversold in the short term and is poised for a potential rebound higher”, Lagos-based United Capital had said.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) and its Market Capitalisation which opened the week at 37,658.26 points and N19.627trillion respectively closed Monday at 37,585.25 points and N19.592trillion respectively.

The ASI decreased by 0.19percent. The stock market’s Year-to-Date (YtD) negative return stood at -6.67 percent at the close of trading session. In 3,499 deals, investors exchanged 157,736,728 units valued at N3.375billion.