Nigeria’s stock investors lose N20bn as market closes in red

Nigeria’s stock market closed in red zone on Wednesday November 3 as investors take profit from recent gains.

The market rerouted south amid stronger sell-side pressure seen in banking, industrial, insurance and oil & gas sectors.

Ardova Plc led the losers’ league on the Bourse after its share price decreased from N14.60 to N13.50, down by N1.10 or 7.53percent while LASACO Plc followed after its share price decreased from N1.17 to N1.06, shedding 11kobo or 9.40percent.

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On the advancers list, Honeywell Flour Mills Plc gained most, from N3.17 to N3.48, up by 31kobo or 9.78percent; followed by Sterling Bank Plc which rose from day-open low of N1.46 to N1.56, up by 10kobo or 6.85percent.

The Nigeria Exchange Limited All-Share Index (ASI) and the equities Market Capitalisation decreased by 0.09percent (N20billion), from 42,013.39 points and N21.925trillion recorded the preceding trading day to 41,975.45 points and N21.905trillion on Wednesday.

The positive return year-to-date (YtD) decreased to +4.23percent. FBN Holdings, Multiverse Mining & Exploration, Mutual Benefit, Sterling Bank and Transcorp were most traded stocks on Wednesday. In 4,899 deals, investors exchanged 292,935,882 units valued at N2.059billion.