The Nigeria Equity Market lost N51billion due to decline suffered by Nestle Plc, Eterna and Fidson Healthcare PLC. Nestle PLC dipped by 10 percent and close by N990, Eterna dipped by 9.97 percent and close by 15.80 while Fidson Healthcare Plc dipped by 9.82 percent and closed by N15.5 each
All-Share Index of the local bourse and market capitalisation depreciated by 0.09 per cent to 101,995.53 and N55.81tn, respectively at the close of trading on Monday.
Researchers at Cowry Asset Management Limited had projected that bearish sentiment would continue in the new week as the market sought catalyst and policy direction from economic managers to trigger the positive sentiment.
“However, as we anticipate more corporate releases for the final quarter of 2023, investors will begin to rebalance their portfolio in their search for alpha amidst the rising fixed-income yields and outcome of the monetary policy meeting,” the analysts stated in their market review.
The number of deals was up by 29 per cent to 9,957 compared to the previous day’s figure of 7,710 deals, the number of stocks traded stood at 120.
Transaction volume also rose marginally by 1.14 per cent to 294.32 million units as the value of transactions rose by 12 per cent to N6.72bn.
The market has also witnessed portfolio rebalancing ahead of expected corporate earnings and the outcome of the Monetary Policy Committee meeting scheduled for Monday and Tuesday.