Investors in Nigeria’s capital market suffered a whopping loss of more than N105 billion at the end of close of market on Friday.
The loss, according to Futureview, a financial service firm may not be unconnected with profit-taking activities from prominent stocks which led to decline in the market, even though the market experience a bullish start at the beginning of the week.
The benchmark index closed at 59,000.96 points, representing a decrease of 33 basis points compared to Thursday’s closing of 59,195.21 points.
Prominent stocks that experienced decline include DANGSUGAR by 4.17 percent, GTCO by 3.92 percent, STANBIC by 3.70 percent, ZENITHBANK by 3.28 percent, and WAPCO by 1.91 percent.
These bellwether stocks contributed to the negative performance of the day, the firm said.
As a result, the Year to Date, YTD, return experienced a decrease, falling to 15.12 percent . Additionally, the market capitalization saw a decline of 0.33 percent, settling at N32.13 trillion. This decrease in market capitalization led to a drop in investor fortune by N105.77 billion.
Market activity decreased as volume and value traded declined by 46.81 percent and 57.61 percent to 622.42 million units and N6.51 billion respectively.
Market breadth; investor sentiment decreased to 0.85x from 0.90x in the prior session as 28 stocks appreciated, 33 stocks depreciated while 60 stocks closed flat.
Meanwhile, the Naira demonstrated a notable appreciation of 5.58 percent against the US Dollar at the Investors and Exporters, I&E, Window,closing at N663.04/USD, while the exchange rate at the Central Bank of Nigeria’s, CBN, Secondary Market Intervention Sales, SMIS, window remained steady at N640.00/USD.
