Equity investors on the Nigerian Stock Exchange on Tuesday lost over a third of the gains recorded on Monday. The market closed with the All Share Index (ASI) declining by 0.54% to settle at 24,650.16 on Tuesday with investors’ loss amounting to N69.615 billion.
The loss on Tuesday was due sell offs in the shares on Total Nigeria Plc as investors dumped the stocks of the company, following the it’s poor H1 report. Others include Seplat, UACN, Jberger, Guaranty etc.
The volume and value of shares traded on Tuesday declined by 11.53% and 17.08% respectively compared to Monday values.
Total of 150,398,795 units of shares worth N1,977,994,771.20 exchanged hands on Tuesday in 3,780 deals in contrast to 169,998,011 units of shares valued at N2,385,453,653.35 which were traded in 4,336 deals on Monday.
The activity chart in volume was led by the shares of Mbenefit, with 26,924,061 worth N5,558,993.42 exchanged in 40 deals. In terms of value, MTNN took the lead with 7,957,736 units of shares valued at N939,527,773.30 traded in 130 deals.
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Only one Index under our watch appreciated on Tuesday. The Insurance Index rose by 0.43% to settle at 120.65 after suffering a decline on Monday, mainly due to 10.00% rise in Mbenefit.
The Banking Index shed some of its Monday gains as the Index dropped by 0.45% to close at 279.18%.
The Oil and Gas Index suffered the heaviest loss. The index slumped by another 5.20% to close at 162.88 as the share price of Seplat and Total suffered the maximum possible losses of 9.52% and 9.95% respectively.
The Consumer Index declined by 0.13% to close at 402.42 while the Industrial Index closed flat after a rise of 3.34% on Monday.
Investor sentiment improved to 0.82X on Tuesday relative to 0.79x recorded on Monday, as 14 stocks advanced in prices and 17 declined on Tuesday.
Top five gainers by percentage with the closing prices are; Berger (10.00%; N6.05), Mbenefit (10.00%; N0.22), Unitybnk (8.77%; N0.62), Okomuoil (6.31%, N74.95), and Oando (5.58%; N2.77).
Top five decliners by percentage are; Total (-9.95%; N87.80), Seplat (-9.82%; N282.00), Npfmcrfbk (-7.75%; N1.31), UACN (-6.85%; N6.80), and Jberger (-6.25%; N15.00)
Read more; Independent panel clears African Development Bank’s President, Akinwumi Adesina of wrongdoing
Analysts’ view at Investogist; We still maintain our negative outlook to the market in the short and medium term.
Written by;
Ifunanya Ikueze
