2 weeks Ago By Kelechukwu Mgboji
Stocks shed the sum of N448.41billion on Monday, more than half of last week’s total gain of N835.6billion in market capitalization after five days of winning streak.
Stockbrokers blamed the return of bearish sentiments to prevailing high interest yield in the fixed income market, stressing that investors are realizing previous gains and migrating to bonds and treasury bills instruments. At the close of trading on Monday, the benchmark index gave up 74 basis points to close at 98,708.90 points while the market capitalization shed N448.
41bilion to close at N59.81trillion. The market relapse was primarily driven by losses in heavyweight equities of BUACEMENT (-10.
00%), GTCO (-2.12%) and FBNH (-6.09%) which offset gains recorded in ACCESSCORP (+2.
49%), and TRANSCORP (+10.0%), which resumed trading on Monday following the conclusion of their share reconstruction exercise. Consequently, the month-to-date (MTD) and year-to-date (YTD) returns moderated to +0.
2% and +32.0%, respectively. The total volume of trades decreased by 25.
0% to 345.79 million units, valued at N4.38 billion, and exchanged in 9,281 deals.
CHAMS was the most traded stock by volume at 84.62 million units, while UBA was the most traded stock by value at N790.18 million.
Sectoral performance was negative, as the Industrial Goods (-3.5%), Banking (-1.5%), Insurance (-1.
1%), Oil & Gas (-0.3%), and Consumer Goods (-0.3%) indices all posted losses.
Over all market sentiment was negative as 27 stocks lost relative to 17 gainers. BUACEMENT (-10.0%) and LASACO (-9.
8%) led the losers, while LIVESTOCK (+10.0%) and TRANSCORP (+10.0%) recorded the most significant gains of the day.
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