Stock Investors Lose Money as 23 Stocks Closed in Red

Stock Investors Continue to Lose Money as 23 Stocks Closed in Red

Sentiment across the Nigerian stock market remained weak as 23 stocks closed in the red on Tuesday.

The market capitalisation of listed stocks declined by N2 billion to N12.91 trillion as sentiment remains generally weak.

The Nigerian Stock Exchange All-Share Index depreciated by 3.86 basis points or 0.02 percent from 24,753.92 bps it closed on Monday to 24,750.06 bps on Tuesday.

A total of 23 stocks closed in the red, against nine that managed to close in the green.

While investors at the bourse on Tuesday traded a total of 167.95 million shares in 3,784 transactions during the trading hours.

In terms of volume traded, the premium subsector was the most active as investors exchanged 39.62 million shares in 1,178 deals. This was largely driven by the attractiveness of the stocks of United Bank for Africa Plc and FBN Holdings Plc.

Accordingly, the banking subsector was aided by the renewed interest in shares of Guaranty Trust Bank Plc and Fidelity Bank Plc. Both contributed 28.10 million shares traded in 623 transactions by investors.

UACN Property Development Company Plc led the gainers’ table with 7.69 percent to settle at 98 kobo per share.

This was followed by the Transnational Corporation of Nigeria Plc with a 2.86 percent gain to close at 72 kobo per share. Oando Plc added 2.04 percent to settle at N2.50 kobo per share.

On the flip side, the Unity Bank Plc topped losers’ table with a decline of 10 percent to close at 54 kobo per share.

Dangote Sugar lost 9.85 percent to settle at N11.90 per share while the Ikeja Hotel Plc dipped by 9.57 percent to close at N1.04 per share.