Local Stock Market Investors Lose N80bn

Investors at the local stock market recorded an N80 billion loss in the first trading session of the week.

Cautious trading was the order of the day as traders were weary of the proposed nationwide protests of the organised labour unions on Wednesday.

As a result, the All-Share Index (ASI) depleted by 145.32 points to 64,192.20 points from 64,337.52 points, and the market capitalisation decreased by N80 billion to settle at N34.932 trillion compared with the preceding day’s N35.012 trillion.

The loss reported yesterday was influenced by the 1.94 per cent decline posted by the banking sector, as the insurance and the consumer goods counters closed higher by 0.95 per cent and 0.54 per cent apiece as the energy and the industrial goods indices closed flat.

The stock market recorded the sale of 762.1 million shares worth N7.7 billion in 7,935 deals on Tuesday compared with the 673.4 million shares worth N6.5 billion traded in 9,788 deals on Monday, representing a decline in the number of deals by 18.93 per cent, and an improvement in the trading volume and value by 13.17 per cent and 18.46 per cent apiece.

The busiest stock was AIICO Insurance with a turnover of 314.6 million units valued at N220.2 million, UBA traded 54.5 million units worth N743.0 million, AXA Mansard exchanged 48.8 million units valued at N198.0 million, Ecobank sold 41.9 million units for N640.3 million, and FCMB transacted 28.6 million units worth N175.7 million.

Investor sentiment remained weak yesterday as the market breadth index was negative after the local bourse closed with 37 price losers and 22 price gainers.

John Holt dropped 10.00 per cent to trade at N1.80, Ellah Lakes depreciated by 9.92 per cent to N3.54, Fidelity Bank lost 9.88 per cent to finish at N7.75, Japaul slumped by 9.71 per cent to 93 Kobo, and Sovereign Trust Insurance deflated by 9.52 per cent to 57 Kobo.

On the flip side, Dangote Sugar and Abbey Mortgage Bank gained 10.00 per cent each to sell at N29.70, and N1.10 apiece, Chellarams grew by 9.87 per cent to N2.56, Tantalizers expanded by 9.68 per cent to 34 Kobo, and Sunu Assurances inflated by 9.09 per cent to 72 Kobo.