• Friday, March 29, 2024
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Nigeria’s equity investors lose over N70bn on renewed sell pressure

Stock market in red as MPC hikes rate again

Nigeria’s equities market opened the new week on a negative note, dipping by 0.36percent despite recording 14 gainers as against 13 losers.

Investors lost N71billion at the close of the trading session on Monday, July 12. The negative return seen at the nation’s equities market this year has increased to -5.99percent.

Despite the negative close, market watchers still expect mixed activity on Tuesday, hoping that investors will continue to cherry-pick attractive stocks while others route to take profit on previous gains amid expected first-half (H1) earnings release.

The renewed sell pressure on the Bourse occurred as investors in 4,017 deals exchanged 187,243,716 shares valued at N2.890billion.

Read also: Nigeria’s equities market halts rally

Computer Warehouse Group led the league of laggards after its share price decreased from N1.26 to N1.14, down by 12kobo or 9.52percent, followed by International Breweries Plc which decreased from N5.30 to N5, losing 30kobo or 5.66percent, and Champion Breweries Plc which dropped from N2.17 to N2.10, shedding 7kobo or 3.23percent.

The Nigerian Exchange (NGX) Limited All-Share Index (ASI) and Market Capitalisation which opened at 37,994.19 points and N19.795trillion on Monday, July 12 closed at 37,857.89 points and N19.724trillion respectively.

Zenith Bank, Sovereign Trust Insurance, United Bank for Africa, Mutual Benefit and Transnational Corporation of Nigeria were the most traded stocks on the Bourse.