Investors lose N984bn as Bearish Sentiment Returns on NGX Amid Heavy Selloffs
- The NGX extended its losing streak as sustained profit-taking wiped off about N984 billion from investors’ wealth
- The decline was driven by profit-taking in banking, oil & gas, industrial, and consumer-linked stocks
- Aradel Holdings, Oando, First Holdco, and Nigerian Aviation Handling Company were among the major decliners
The Nigerian equities market closed weaker as bearish sentiment persisted, with investors largely locking in gains amid cautious trading and mixed macroeconomic signals.
At the close of trading on Monday, June 15, data from the Nigerian Exchange showed that the All-Share Index (ASI) fell by 1,534.01 points to 243,204.73 points.
Also, market capitalisation declined from previous levels to N155.986 trillion, reflecting the N984 billion loss recorded in a single session for investors.
Source: Getty Images
Market breadth
Market breadth closed negative, reflecting weak investor sentiment across the board. A total of 15 stocks advanced while 48 stocks declined, underscoring widespread sell pressure.
Top losers
- International Energy Insurance fell from N7.11 to N6.40, losing N0.71 (–9.99%).
- eTranzact International dropped from N16.55 to N14.90, shedding N1.65 (–9.97%).
- Neimeth International Pharmaceuticals declined from N8.55 to N7.70, losing N0.85 (–9.94%).
- Oando slipped from N52.95 to N47.80, down N5.15 (–9.81%).
- Abbey Mortgage Bank fell from N11.40 to N10.30, losing N1.10 (–9.65%).
Top gainers
- Royal Exchange rose from N1.50 to N1.65, gaining N0.15 (+10.00%).
- Ikeja Hotels advanced from N43.15 to N47.45, adding N4.30 (+9.97%).
- Consolidated Hallmark Holdings increased from N8.25 to N9.04, gaining N0.79 (+9.58%).
- University Press climbed from N5.50 to N6.00, adding N0.50 (+9.09%).
- AXA Mansard Insurance rose from N12.60 to N13.70, gaining N1.10 (+8.73%).
Most active stocks
Trading activity weakened significantly as volume declined by 39.3% to 744.90 million shares worth N36.40 billion across 80,873 deals.
- Sterling Financial Holdings Company led activity with 102.96 million shares valued at N805.46 million.
- Guaranty Trust Holding Company exchanged 41.27 million shares worth N5.60 billion.
- FCMB Group traded 37.94 million shares valued at N433.68 million.
- Access Holdings recorded 27.25 million shares worth N666.01 million.
- United Bank for Africa exchanged 20.39 million shares valued at N877.26 million.
Source: Getty Images
On its outlook for the new week, analysts at Atlass Portfolio Limited expect a cautious price movement.
They said:
"We expect cautious trading in the local market this week, as investors anticipate the inflation report for May."
Dangote sets minimum $350,000 entry for private investors
Earlier, Legit.ng reported that Dangote Petroleum Refinery & Petrochemicals, a subsidiary of the Dangote Group, has conducted a $1 billion private placement to support its expansion strategy.
As part of the fundraising exercise, three billion ordinary shares are being offered to investors at $0.35 per share.
This fundraising effort has valued Dangote Refinery at an enterprise valuation of $39.1 billion, making it one of Africa's most valuable industrial assets to tap into private capital markets.
Source: Legit.ng
