Stock market investors lose N235b in three trading days
Equity transactions on the floor of the Nigerian Stock Exchange (NSE) continued on a downward trend yesterday, following price losses suffered by some blue chip stocks, as investors lose N235 billion in three trading days.
Specifically, at the close of transactions yesterday, market capitalisation dropped by N235 billion or 1.6 per cent from N14.975 trillion recorded on Monday to N14.740 trillion posted on Wednesday while the All-share index dropped by 652.22 points from 41,454.30 to 40,802.08.
Yesterday, WAPCO topped the losers’ chart with N2.30 kobo to close at N46.40 per share while Dangote Cement followed with N2.00 kobo to close at N253.00 per share. Total declined by N1.70 kobo to close N238.30 per share.
Guaranty Trust Bank lost N0.85 kobo to close at N42.75 per share. Ecobank Transnational Incorporated depreciated by N0.75 kobo to close at N16.35 per share.
GlaxoSmithKline topped the gainers’ chart with N3.10 kobo to close at N34.00 per share while Unilever followed with N2.55 kobo to close at N55.00 per share.
Stanbic IBTC appreciated by N1.70 kobo to close at N48.00 per share. Nestle garnered N1340.30 per share. PZ Cussons also gained N1.00 kobo to close at N23.00 per share.
Investors exchanged 535 million shares worth N3.6 billion in 4,717 deals up from 352 million units valued at N4 billion that changed hands in 4,8807 deals on Tuesday.
Analysts at Investdata Consulting Limited believed that repositioning would continue, while profit taking will reduce on the strength of expected payouts and earnings surprises.
“With more income investors taking position in value and dividend paying stocks, alongside bargain hunters, we expect next week’s MPC meeting to give direction of the interest rate as inflation continues to decline thereby further driving the economic recovery and inflow of funds.
“Also, we expect repositioning to continue, while profit taking will reduce on the strength of expected payouts and earnings surprises.
“However, we would like to reiterate that investors should not panic but go for equities with intrinsic value, especially during this season when dividend payment is ongoing.”
