Stock investors lose N293bn as sell pressure persists on NGX

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BY FESTUS OKOROMADU, ABUJA

Nigeria’s equities market continued its negative trend on Tuesday as more investors stayed on the sell side of the Bourse taking profit after record gains.

The market has since this week seen increased sell pressure, which analysts expect to continue after FTSE demotion dampens the mood of investors in Nigerian stocks.

As of Tuesday, investors in Nigeria’s equities market booked a loss of N293billion as the market recorded another session of negative close by 0.80percent. Investors continued to sell stocks like Etranzact, NASCON, and Dangote Sugar Refinery.

The Nigerian Exchange Limited All-Share Index and equities market capitalisation decreased from preceding day’s highs of 67,296.18 points and N36.831trillion respectively to 66,760.2 points and N36.538trillion.

The market’s return year-to-date (YtD) lowered to +30.26percent as the bearish sentiment in the market drove more share prices further south.

Etranzact dropped from the previous day’s high of N9 to N8.10, losing 90kobo or 10percent.

NASCON also dipped from N52.20 to N47, losing N5.20 or 9.96percent, followed by Dangote Sugar which dropped from N57.75 to N52, down by N5.75 or 9.96percent.

Transcorp, UBA, Access Corporation, Fidelity Bank and GTCO were the most traded stocks as investors in 10,554 deals exchanged 645,540,839 shares valued at N11.014billion.