Lagos: The Nigerian equities market continued its slide on Monday, causing investors to lose N81 billion as the market value of their portfolios declined.
This downward trend was driven by selloffs in NCR Nigeria, Zichis Agro Allied Industries, Industrial and Medical Gases, Sovereign Trust Insurance, Daar Communications, and 31 other equities, collectively dragging the market into negative territory.
As a result, market capitalisation fell by 0.05 per cent, or N81 billion, to N160.362 trillion, down from N160.443 trillion.
Similarly, the All-Share Index also dropped from 250,330.92 to 250,204.83, losing 126.09 points or 0.05 per cent.
Reflecting this negative trajectory, the year-to-date return dropped to 60.79 per cent. Market breadth was negative, with 36 losers and 33 gainers.
NCR Nigeria and Zichis Agro Allied Industries led the losers, each dropping 9.99 per cent to N161.20 and N26.49 per share, respectively.
Industrial and Medical Gases dropped 9.93 per cent to N38.10, while Sovereign Trust Insurance lost 9.86 per cent to N2.65.
Daar Communications lost 9.78 per cent to close at N2.03 per share.
Oando and University Press were the gainers, each rising 10 per cent to close at N51.70 and N5.50 per share, respectively.
Deap Capital Management gained 9.96 per cent. May and Baker rose 9.94 per cent. Trans-Nationwide Express climbed 9.92 per cent to end at N5.96, N52, and N7.76, respectively.
At the close of trading, this downward momentum extended to market activity, as total volume dropped 26.16 per cent to 800.46 million shares worth N37.05 billion in 87,096 deals.
United Bank for Africa led trading volume with 64.97 million shares, making up 8.12 per cent of the day’s total.
Aradel Holdings posted the highest trade value at N6.15 billion, accounting for 16.60 per cent of the total value traded.
