Bears persist at NGX as investors book profits off investment

At the Nigerian Exchange Limited (NGX), on Tuesday, equities trading maintained previous day sentiment, leaving the benchmark index lower by 0.19 per cent.

Profit-taking activities on bellwether stocks, especially Seplat and Guaranty Trust Holding Company weighed down the bourse, dipping the All Share Index (ASI) by 0.19 per cent to stand at 47,340.86 basis points.

Thus, the month-to-date (MtD) and year-to-date (YtD) performance of the ASI to stand at -.011 per cent and 10.83 per cent respectively.

Investors, therefore, lost N47 billion from their net worth, as the market capitalisation settled at N25.514 trillion, recording a 0.18 per cent drop from the previous close of N25.561 trillion.

Bears maintained dominance over the market breadth, as 22 counters in the losers’ chart were pitted against 15 counters in the gainers’ chart.

The top gainers’ chart was populated in the session by Veritas Kapital, Chams, Eternal Oil, Unilever and Royal Exchange as the best-performing stocks. From the rear of the chart, Cornerstone Insurance shed the most weight to lead the laggards’ chart as it is flanked by Multiverse, SCOA, Prestige Insurance and FTN Cocoa to complete the top losers’ chart.

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All sectorial indices closed in the same direction with the ASI, save for NGX Consumer Goods and NGX Industry that gained 0.17 per cent and 0.01 per cent respectively, while NGX Growth and NGX ASEM closed flat.

Market activity for the day was unimpressive, as both volume and value of trade shed weight in the session with daily traded volume standing at 183.256 million units, representing a 85.69 per cent downtick from a volume of 1.280 billion units traded in the previous session.

The value of traded stocks dipped up by 12.66 per cent in the session to stand at N2.475 billion as against a value of N7.919 billion recorded in the previous trading session.

United Bank for Africa dominated the volume charts as the top traded stock by volume for the trading session, followed by Access Bank, FBN Holdings, UACN, and Zenith Bank to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, Seplat took the lead of the top five performers as well, flanked by Zenith Bank, Nigeria Breweries, Guaranty Trust Holding Company, and lastly United Bank for Africa.

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Adeoye Faith