Stock Market Dips N19bn As Investors Shun Marginal GDP Growth
Investors on the floor of the Nigerian Stock Market have responded negatively to the marginal growth of Nigeria’s Gross Domestic Products (GDP) as the recent sell -off continued as trading resumed on Monday on the Nigerian Bourse.
The All-Share Index (ASI) and Market Capitalization dropped 0.10 percent not minding the recent GDP growth report released by the National Bureau of Statistics (NBS)
The Bureau noted that the Q1 2021 figure is slower than the 1.87 percent growth recorded in the corresponding quarter of 2020 but higher than 0.11% recorded in the previous quarter (Q4 2020).
According to the nation’s statistic agency, the GDP currently stood at N40.01 trillion in nominal terms compared to N35.65 trillion recorded in corresponding quarter of 2020, while real GDP stood at N16.83 trillion in the quarter.
However, during trading session on Monday, the ASI fell 36.49 index point to close at 38,287.58 basis point down from 38,324.07 basis point.
Remarkably, the market depreciated by N19 billion to stand at N19.956 trillion from its opening value at N19.975 trillion.
The loss of the Equities market was triggered by massive sell -offs in medium and small stocks like; ABC Transport Plc, Jaiz Bank Plc, UAC Property Plc, Nigerian Enamel Ware Plc and Courtville Plc.
The market turnover slumped by 19 percent as a total of 141.146 million shares worth N1.094 billion in 3,566 deals was traded on Monday, as agains 174.304 million shares valued at N1.952 billion in 2,581 deals that exchanged hands the previous trading session.
Also, the market breadth came out positive with 17 laggards equities and 18 stockings appreciating on the Nigerian Exchange Limited NGX.
The gainers’ chart was led in percentage parameters by. Royal Experience Plc, gaining 9.68 percent to close at N0. 68 Kobo per share.
Regency Assurance Plc and Consolidated Hallmark Insurance Plc rose by 8.82 and 7.84 percent to close at N0. 37 Kobo and N0. 55 Kobo per share responsibility.
Also, Sovereign Trust Insurance Plc climbed by 7.69 percent to close at N0. 28 Kobo per share, while Japaul Gold appreciated by 7.55 percent to close at N0. 57 Kobo per share.
On the flip side, ABC Transport Plc dominated the losers’ table in percentage terms by 9.76 percent to close at N0. 37 Kobo per share.
In the same vein, Nigerian Enamel Ware Plc declined by 9.75 percent to close at N16. 20 Kobo per share, while UAC Property Plc fell by 8.43 percent to close at N0. 78 Kobo per share.
Jaiz Bank Plc and Courtville Plc shed 6.45 and 4 .76 percent to close at N0. 58 Kobo and N0. 20 Kobo per share respectively.
UAC Property Plc was the NGX most active stock, trading 17. 344 million shares worth N13.335 million, while Zenith Bank closed trading as most valuable equity at N166.079 million
Comments are closed.