Bears persist at NGX as ASI dips by 0.1%

The bears continued to dominate the domestic bourse as the NGX All-Share Index (ASI) extended losses for a second consecutive session, falling by 0.09 per cent to settle at 48,836.70 basis points on Wednesday.

The market’s weak performance was basically driven by extended selloffs in Tier-1 banks Zenith Bank, Guaranty Trust Holding Company, FBN Holdings and Access Corporation ad their respective share prices dipped by 1.55 per cent, 1.70 per cent, 0.50 per cent and 1.32 per cent.

Accordingly, the Month-to-Date and Year-to-Date return printed -0.4 per cent and +14.3 per cent respectively.

The market capitalisation of the local bourse settled at N26.60 trillion having gained N226.56 billion as the local bourse newly-listed Geregu’s 2.5 billion shares at N100 per share.

As measured by market breadth, market sentiment was negative as 22 tickers lost relative to 12 gainers. On the performance board, Cadbury and Northern Nigeria Flour Mills recorded the highest losses of the day having depreciated in share value by 9.9 per cent and 9.3 per cent, respectively, while Geregu and Multiverse topped the gainers’ list after their respective share prices went up by 10.0 per cent and 9.9 per cent.

Sectoral performance was mixed, as the Banking, Consumer Goods and the Oil & Gas indices recorded losses having dipped in value by 1.0 per cent, 0.2 per cent and 0.2 per cent, respectively; while the Industrial Goods index closed flat. The insurance index was the sole gainer of the day.

Analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 7.12 per cent.

A total of 135.52 million units of shares valued at N2.22 billion were exchanged in 4,041 deals. CHAMS led the volume chart with 25.50 million units traded, while Geregu led the value chart in deals worth N935.00 million.

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Bears persist at NGX as ASI dips by 0.1%