Stock trading on the Nigerian Exchange Limited (NGX) opened this week on a negative note by 0.71percent despite record rally in shares of newly listed NGX Group Plc which reached new high of N19.50 at the close of trading on Monday, October 18.
Market watchers had expected last week’s rally to continue this week as investors anticipate a strong third-quarter (Q3) earnings season.
Rather defying this expectation, investors lost about N153billion at the close of trading session on Monday, no thanks to May & Baker Nigeria Plc which led the laggards’ league after its share price decreased from N4.74 to N4.36, down by 38kobo or 8.02percent.
The record dip at the beginning of the week’s trading pushed the equities market’s positive return year-to-date (YtD) lower to +2.17percent.
Read also: Nigeria’s equities market advances further by 0.19%
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation depreciated from week-open highs of 41,438.15 points and N21.624trillion to 41,144.67 points and N21.471trillion.
Other top laggards are: Royal Exchange which decreased from 64kobo to 59kobo, losing 5kobo or 7.81percent; NPF Microfinance Bank which decreased from N1.85 to N1.71, down by 14kobo or 7.57percent; FBN Holding dropped from a high of N12.70 to N11.75, shedding 95kobo or 7.48percent, while Mutual Benefit dipped from 30kobo to 28kobo, losing 2kobo or 6.67percent.
In 5,866 deals, investors exchanged 338,719,247 shares valued at N4.058billion. FBN Holdings, Access Bank, Transcorp, GTCO and Fidelity Bank were the most traded stocks on the Bourse.
