Stock Investors Lose N49bn Amid Absence of Positive Triggers

This was influenced by sustained profit-taking by the market participants despite efforts by the banking index to salvage the situation, gaining 0.25 per cent.

At midweek, the energy counter depreciated by 0.56 per cent, the consumer goods space went down by 0.23 per cent, and the insurance industry declined by 0.22 per cent, while the industrial goods and commodity sectors closed flat.

At the close of transactions, the All-Share Index (ASI) slumped by 77.37 points to 106,090.38 points from the preceding day’s 106,167.75 points and the market capitalisation shrank by N49 billion to N66.436 trillion from Tuesday’s N66.485 trillion.

Investor sentiment remained bearish after the bourse ended with 31 price losers and 19 price gainers, implying a negative market breadth index.

Conoil lost 10.00 per cent to settle at N331.20, Berger Paints depreciated by 9.81 per cent to N18.85, International Energy Insurance retreated by 9.79 per cent to N1.75, Multiverse crumbled by 9.66 per cent to N7.95, and Regency Alliance dropped 8.70 per cent to 63 Kobo.

Conversely, Tantalizers gained 9.79 per cent to quote at N3.14, Secure Electronic Technology grew by 9.68 per cent to 68 Kobo, Caverton solidified by 9.09 per cent to N3.00, FTN Cocoa increased by 6.51 per cent to N1.80, and Jaiz Bank surged by 6.04 per cent to N3.51.

Yesterday, investors bought and sold 1.5 billion equities valued at N10.3 billion in 11,748 deals versus the 324.6 million equities worth N7.9 billion transacted in 12,652 deals in the preceding day.

This showed that the number of deals declined by 7.15 per cent, and the trading volume and value soared by 361.77 per cent and 30.38 per cent, respectively.

Sovereign Trust Insurance was the most active stock with 989.7 million units worth N987.5 million, Jaiz Bank traded 187.4 million units for N628.1 million, Secure Electronic Technology sold 43.5 million units valued at N28.6 million, Zenith Bank transacted 22.8 million units worth N1.1 billion, and United Capital exchanged 18.3 million units valued N346.4 million.