INVESTORS LOSE N1.811 TRILLION AS PROFIT-TAKING HITS STOCK MARKET

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By Aishat Momoh. O.

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

The decline coincided with the commencement of the newly introduced T+1 settlement cycle, a reform aimed at improving efficiency and competitiveness in the capital market.

The Nigerian Exchange Ltd. (NGX) market capitalisation fell from N160.508 trillion to N158.697 trillion, representing a 1.13 per cent decline.

Similarly, the All-Share Index dropped by 2,824.81 points to close at 247,560.66, compared to 250,385.47 recorded in the previous trading session, weakening the market’s year-to-date return to 59.09 per cent.

Market sentiment remained bearish, with 37 stocks recording losses against 24 gainers.

Heavy sell-offs in stocks such as BUA Cement, Trans-Nationwide Express, John Holt, Red Star Express and Deap Capital Management weighed significantly on overall performance.

BUA Cement led the losers’ chart, shedding 10 per cent to close at N378. Trans-Nationwide Express declined by 9.85 per cent to N4.76, while John Holt fell by 9.73 per cent to N15.30 per share.

Red Star Express lost 9.71 per cent to close at N30.70, while Deap Capital Management dropped by 9.15 per cent to N5.16.

On the gainers’ table, International Energy Insurance led with a 9.96 per cent rise to N4.97, followed by Consolidated Hallmark Insurance, which gained 9.92 per cent to N6.87.

The Initiates rose by 9.86 per cent to N31.20, RT Briscoe advanced by 9.16 per cent to N14.90, and Ikeja Hotel appreciated by 8.71 per cent to N43.70 per share.

Market activity also declined, with total volume traded falling by 6.38 per cent to 1.13 billion shares valued at N44.28 billion across 91,880 deals.

Abbey Mortgage Bank dominated trading volume with 291.16 million shares, accounting for 25.82 per cent of total transactions.

Meanwhile, Aradel led in value terms with deals worth N6.31 billion, representing 14.26 per cent of the day’s turnover.