Investors stake N1.49bn in 160m shares, gain N1bn

By Chukwuma Umeorah

Amid depreciation in the value of securities, investors at the Nigerian Exchange Limited (NGX) staked N1.487 billion in 160.24 million shares which were exchanged in 3,847 deals at the close of business on Tuesday.

This was against 86,590 million shares valued at N1.17 billion which changed hands in 3,377 deals at the previous trading session.

The development lifted market capitalisation by N1 billion from an opening value of N26.767 trillion to close at N26.768 trillion.

However, the All Share Index (ASI) closed flat from an opening figure of 49,626 basis points to 49,627 basis points. Consequently, the market’s year-to-date (YTD) remained at 16.18 per cent,

Market data obtained from the NGX, shows that sell-offs in the shares of Zenith Bank, FCMB, Dangote Sugar, Transcorp and Redstarex were responsible for the flat performance.

Further analysis revealed that Zenith Bank was the most active stock, trading about 26.73 million shares valued at N53.66 million. Courtville sold over 24.10 million shares worth N11.33 million while Transcorp traded 16.25 million shares worth N16.99 million.

Meanwhile investors’ appetite for stocks was negative as 17 stocks dechined in value while 13 others appreciated. RESTAREX led the losers chart with a 10.00 per cent decline to close at N2.43. CAVERTON was next losing 4.55 per cent to close at N1.05. LIVESTOCK FEEDS lost 4.31 per cent to close at N1.11. SOVEREIGN INSURANCE lost 3.70 per cent to close at N0.26, while LASACO dropped 3.13 per cent to close at N0.93.