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By Chukwuma Umeorah
Trading on the Nigerian Exchange Group (NGX) on Monday started on a bearish note as losses recorded in the VFDGROUP, Dangsugar and 18 other stocks shaved off N21.6 billion from the equity market.
This is in addition to N154 billion that was lost by investors last week. The anticipated recovery in Nigeria’s stock market did not happen on Monday amid persisting negative sentiment and profit taking on the local bourse.
VFDGROUP, which recently listed on the exchange, witnessed a 9.99 per cent decline in value of ours stock in yesterday’s trade closing at N242.40 per share. The market was also impacted by losses in some high-priced stocks like GTCO which lost N959.24 million in value to close at N35.20 per share. Dangsugar also lost N141.74 million in value to close at N61.00 per share among others.
The benchmark NGX All-Share Index (ASI) pared 38.49 points or 0.06 per cent to close at 66,876.92, representing a weekly loss of 0.24 per cent, a monthly loss of 2.04 per cent, but an overall year-to-date (YTD) gain of 30.49 per cent. Market Capitalization currently stands at N36.742 trillion after shedding N21.6 billion in yesterday’s trading session
A total of 314.62 million shares corresponding to a market value of N4.388 billion were traded in 6,133 deals. When compared with the previous NGX trading day, the data shows a 53 per cent improvement in volume, 31 per cent decline in turnover, but a 23 per cent improvement in deals.
UBA was the most active stock in yesterday’s session trading over 47.15 million shares valued at N900.70 billion, followed by Accesscorp trading 40.35 million unit of shares worth N666.87 million while FCMB exchanged 29.05 million shared valued at N173.52 million. Market breadth was positive with 23 gainers and 21 losers
