Investors lose N364 billion over increased sell pressure in blue chip companies


Lagos, June 22, 2021 The Nigerian Exchange (NGX) extended its losing streak on Tuesday with a loss of N364 billion due to sell pressure in blue chips.

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Consequently, the market capitalisation returned to the N19 trillion mark, losing N364 billion or 1.81 per cent to close at N19.725 trillion from N20.089 trillion on Monday.

Also, the NGX All-Share Index dipped 698.23 points or 1.81 per cent to close at 37,847.07 compared with 38,545.30 recorded on Monday.

Accordingly, month-to-date return turned negative (-1.5 per cent), while year-to-date loss increased to 6.0 per cent.

The market downturn was driven by price depreciation in large and medium capitalised stocks, amongst which are Airtel Africa, Presco, BUA Cement, Stanbic IBTC Holdings and PZ Cussons, pushing the equities market to a new year low.

Naija247news reports that market breadth closed negative with 23 laggards against 18 gainers.

Airtel Africa led the losers’ chart in percentage terms by 10 per cent to close at N678 per share.

Mutual Benefits Assurance came second with 7.32 per cent to close at 38k, while Cornerstone Insurance shed 7.27 per cent to close at 51k per share.

Learn Africa dropped 6.48 per cent to close at N1.01, while Ikeja Hotel depreciated by 6.19 per cent to close at 91l per share.

Conversely, Fidson Healthcare led the gainers’ chart in percentage terms with a gain of 10 per cent to close at N5.06 per share.

Vitafoam trailed by 9.68 per cent to close at N13.60, while Red Star Express rose by 9.55 per cent to close at N3.67 per share.

Veritas Kapital Assurance appreciated by 9.09 per cent to close at 24k, while Chams and Courteville Business Solutions rose by five per cent each to close at 21k per share each.

In spite of the drop in key market indices, the total volume of shares transacted increased by 4.33 per cent to 218.27 million shares valued at N2.73 billion in 3,524 deals.

This was against a turnover of 209.21 million shares worth N1.76 billion exchanged in 3,390 deals on Monday.

Transactions in the shares of Transcorp topped the activity chart with 42.44 million shares valued at N37.21 million.

Vitafoam followed with 20.13 million shares worth N271.57 million, while Dangote Sugar traded 17.63 million shares valued at N312.11 million.

FBN Holdings sold 12.39 million shares worth N88.46 million, while Access Bank transacted 11.52 million shares valued at N98.38 million.

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