NGX investors lose N418bn as 23 equities shed weight

By Chinwendu Obienyi

The price of some equities trading on the floor of the Nigerian Exchange (NGX) Limited, yesterday, fell as investors have now lost N418 billion in two consecutive trading sessions due to profit-taking as well as portfolio rebalancing.

Benchmark indices at the NGX on Tuesday showed that the All Share Index (ASI)-the value-based common index that tracks prices of all quoted equities at the NGX, dropped by 1.81 per cent to close at 37,847.07 points from an opening value of 38,545.30 points recorded on Monday.

In the same vein, the aggregate market value of all quoted equities also dropped by N364 billion from its opening value of N20.089 trillion to N19.725 trillion. This means that investors have now lost N418 billion as N54 billion loss was recorded in the previous trading session.

However, trading activity strengthened as the volume and value of stocks traded rose by 4.3 and 54.6 per cent respectively to 218.27 million units and N2.72 billion in 3,524 deals.

Further analysis of the market showed that the 23 stocks depreciated in value as 19 others appreciated. Airtel Africa led the laggards with 10 per cent to close at N678 per share, Mutual Benefits followed with 7.32 per cent to close at 0.38 kobo, Cornerstone fell by 7.27 per cent to close at 0.51 kobo, Learn Africa dropped 6.48 per cent to close at N1.01 while Ikeja Hotel lost 6.19 per cent to close at 0.91 kobo.On the flipside, Fidson topped the gainers’ chart with 10 per cent to close at N5.06 per share. Vitafoam was next with 9.68 per cent to close at N13.60, Redstarex rose by 9.55 per cent to close at N3.67, Veritas Kapital rose by 9.09 per cent to close at 0.24 kobo while Chams garnered 5 per cent to close at 0.21 kobo.