Bears maintain on stock market grip as investors further lose N58bn

Negative sentiments persisted in the local bourse as investors continued to book profits accrued from their investments.

On Tuesday, the Nigerian equities market consolidate losses for five consecutive sessions, as the All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) dipped by 0.23 per cent to stand at 47,154.35 basis points.

Thus, the month-to-date and year-to-date performance of the ASI, at the end of the day’s trading activities, stood at -0.51 per cent and 10.39 per cent, respectively.

This outing pegged the market capitalisation at N25.414 trillion, recording a 0.23 per cent drop from a previous close of 25.472 trillion as investors lost N58 billion from their net worth.

Market breadth was also unimpressive as the bears swayed in their favour with 28 counters in the losers’ chart pitted against 16 counters in the gainers’ chart.

The top gainers’ chart was populated in the session by Cornerstone Insurance, CHI Plc, Cutix, NGX Group and UPDC as the best five performing stocks.

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Conversely, Jaiz Bank and Conoil shed 10.00 per cent each from their share value to become the lead on the laggards’ chart. University Press Limited, NEM Insurance and RTBriscoe completed the top losers’ chart.

All the sectoral indices closed in the same direction with the ASI, save for NGX Growth and NGX ASEM that closed flat.

Market activity as measured by both volume and value of trade, however, gained weight in the session with daily traded volume standing at 754.933 million units, representing a 158.64 per cent spike from a volume of 291.882 million units traded in the previous session.

The value of traded stocks inched up by 27.41 per cent in the session to stand at N3.638 billion as against a value of N2.855 billion recorded in the previous trading session.

Unity Bank dominated the volume charts as the top traded stock by volume for the trading session, followed by Guaranty Trust Holding Company, United Bank for Africa, Zenith Bank and Japaul Gold TCO, UBA, ZENITH BANK, and JAPAULGOLD.

With regards to the value of traded stocks, Guaranty Trust Holding Company took the lead of the top five performers as well. It is flanked by Nestle Nigeria, MTN Nigeria, Zenith Bank and Nigerian Breweries.

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Bears maintain on stock market grip as investors further lose N58bn

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Bears maintain on stock market grip as investors further lose N58bn