Nigerian Exchange Limited Records N111 Billion Loss as Investors Suffer

The Nigerian Exchange Limited (NGX) kicked off the week on a sour note, with investors recording a significant loss of N111 billion on Monday. The NGX market capitalization, which opened at N55.394 trillion, shed N111 billion to close at N55.283 trillion. The All-Share Index also declined by 0.24 percent or 228 points to close at 96,205.84 points, compared to 96,433.54 points reported on Friday.

The Year-To-Date (YTD) return declined by 28.66 percent, indicating a disappointing start to the week for investors. However, the market breadth closed positive with 34 gainers and 20 losers. The major drivers of the market relapse included Transnational Power, alongside Tier-one banks, such as Zenith Bank and Access Corporation.

On the upside, Eterna and Tantalizers led the gainers’ table by 10 percent each, closing at N33 and 77k per share respectively. Oando followed with a 9.95 percent gain, closing at N89.50, while FTN Cocoa gained 9.93 percent to close at N1.66 and UACN rose by 9.81 percent to close at N22.95 per share.

On the flipside, Julius Berger led the losers’ table by 10 percent, closing at N153.45, while Transpower trailed by 9.99 percent to close at N310.70 per share. McNichols lost 9.40 percent to close at N1.35, UPL declined by 8.99 percent to close at N2.43, and Cutix went down by six percent to close at N2.82 per share.

Further analysis revealed that trade turnover settled higher relative to the previous session, with the value of transactions up by 21.82 percent. Investors traded 774.38 million shares valued at N14.65 billion in 10,412 deals, compared to 392.51 million shares valued at N12.02 billion exchanged in 7,981 deals posted in the previous session.

Jaiz Bank emerged as the most traded stock in volume with 247.04 million shares, while Zenith Bank led in value with N6.42 billion. This comes as a recall that NGX ended last week on a bearish trend, indicating a challenging environment for investors.