Negative Start to Trading Week on NGX as Investors Incur N57 Billion Loss

The Nigerian Exchange Limited (NGX) commenced the week on a bearish note as investors lost N57 billion on Monday.

The All-Share Index and market capitalization both moderated by 0.15% to close at 71,008.70 index points and N39.050 trillion, respectively.

The day’s losses were attributed to price declines in key stocks, including Zenith Bank (-0.75%), Stanbic IBTC Holdings (-7.08%), NB (-2.50%), AccessCorp (-0.58%), Fidelity Bank (-0.57%), and several others.

This negative performance resulted in a decrease in market activity, with both value and volume traded dropping by 27.77% and 18.83%, reaching N4.36 trillion and 358.45 million units, respectively.

Despite the overall decline, market breadth, a measure of investor sentiment, was positive, with 36 gainers and 15 losers.

Notable gainers included MeCure Industries, Multiverse, ABC Transport, C&I Leasing, and Northern Nigerian Flour Mills, closing with gains ranging from 9.83% to 9.95%.

Among the 15 losers, RT Briscoe, Prestige, Stanbic IBTC, Computer Warehouse Group, and Caverton were prominent, with losses ranging from 2.78% to 9.84%.

The day’s volume and value drivers included the stocks of AccessCorp, AIICO, Zenith Bank, Geregu Power, VFD Group, and Airtel Africa.

Investors are closely watching market dynamics as the week unfolds, navigating the ever-changing landscape of the Nigerian stock market.