Equities market sheds N68bn

Trading activities on the floor of Nigerian Exchange on Monday opened on a negative note, declining by N68 billion as investors continued with selloff activities in the face of unclear policy direction regarding the Capital Gains Tax, (CGT) and among others

Capital market operators said these uncertainties have triggered panic selling, with investors and traders cashing out of profits before they are eroded.

The stated that the delayed in reviewing of the CGT by the government continues to affect the market, driving negative sentiment and reflecting a lack of confidence on the NGX, policy makers and economic managers. 

This trend according to operators is likely to continue as confidence waxed weaker in the midst of seeming positive economic numbers.

This resulting in Market capitalization of listed equities declining by 0.07 per cent to N91.346 trillion from N91.414 trillion reported on Friday.

NGX All Share Index also depreciated by 108.01 basis points to 143614.61 points from 143722.62 points traded the previous day.

The market breath was as negative with 17 gainers against 26 decliners, bringing year to date return to 30.53 per cent.

A review of market activities during the day showed that Etranzact led gainers table with 9.06 per cent to close at N14.45 per unit, International General Insurance followed with a gain of 8.49 per cent to close at N2.30 per share, Mcnichols gained 7.00 per cent to close at N2.75 per share, C&I Leasing added 5.26 per cent to close at N5.59 per share, UPDC gained 5.26 per cent to close at N6.00 per unit.

On the contrary, NPF Micro Finance Bank topped losers’ chart, dropping by 7.85 per cent to close at N2.70 per unit, Prestige insurance trailed with a loss of 7.48 per cent to close at N1.36 per unit, Sterling Bank dipped by 6.94 per cent to close at N6.70 per share, Wapic Insurance declined by 6.18 per cent to close at N2.43 per share, Deap Capital exchanged 5.59 per cent to close at N1.52 per unit.

Volume of trades increased by 7.877 million, representing a surge of 1.15 per cent as investors traded 694.777 million shares against 686.900 million reported the previous day. Value of transactions up by 11.93 per cent to settle at N28.671 billion.

Transactions in the shares of GTCO plc led market activities with 203.852 million shares valued at N17.235 billion, Fidelity Bank followed with 131.510 million shares worth N2.500 billion, Japaul Gold traded 68.823 million shares valued at N145.911 million, FCMB group traded 37.987 million shares cost N386.694 million, Access Holdings company traded 21.876 million shares valued at N449.505 million.