Stock market dips 1.13% as investors lose N1.81trn

Investors lost N1.811 trillion on Monday as widespread profit-taking in major equities dragged the stock market into negative territory on the first trading day of June.

The decline came as the market began trading under the newly introduced T+1 settlement cycle.

The cycle marks a significant milestone in the ongoing efforts to enhance efficiency and competitiveness in the capital market.

Heavy profit-taking in BUA Cement, Trans-nationwide Express, John Holt, Red Star Express and Deap Capital Management weighed on overall market performance.

At the close of trading, the Nigerian Exchange Ltd. (NGX) market capitalisation dropped from N160.508 trillion to N158.697 trillion, representing a decline of N1.811 trillion or 1.13 per cent.

The All-Share Index also fell by 2,824.81 points, or 1.13 per cent, to settle at 247,560.66, compared with 250,385.47 recorded on Friday.

Consequently, the market’s year-to-date return weakened to 59.09 per cent.

Market sentiment remained weak, with 37 stocks recording losses against 24 gainers at the close of transactions.

BUA Cement led the losers’ chart by 10 per cent, settling at N378; Trans-Nationwide Express trailed by 9.85 per cent, ending the session at N4.76 and John Holt shed by 9.73 per cent, finishing at N15.30 per share.

Red Star Express declined by 9.71 per cent, closing at N30.70 and Deap Capital Management fell by 9.15 per cent to N5.16 per share.

On the positive side, International Energy Insurance led the gainers’ chart by 9.96 per cent, closing at N4.97; Consolidated Hallmark followed by 9.92 per cent, settling at N6.87 while The Initiates advanced by 9.86 per cent, finishing at N31.20 per share.

Also, RT Briscoe appreciated by 9.16 per cent, ending the session at N14.90 and Ikeja Hotel grew by 8.71 per cent to N43.70 per share.

Market activity declined at the close of trading, with total volume traded falling by 6.38 per cent to 1.13 billion shares valued at N44.28 billion, exchanged in 91,880 transactions.

Abbey Mortgage Bank emerged as the most traded stock by volume, recording 291.16 million shares and accounting for 25.82 per cent of the total volume traded.

Meanwhile, Aradel led the value chart with transactions worth N6.31 billion, representing 14.26 per cent of the day’s total turnover.

(NAN) 

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