Bears persist at NGX as investors further lose N126.1bn

On Tuesday, bears continued to dominate the domestic bourse as the benchmark index let up 0.34 per cent to close at 66,652.17 basis points.

At the Nigerian Exchange Limited (NGX) on Tuesday, sell pressures in BUA Cement, Zenith Bank and Guaranty Trust Holding Company were the primary drivers of the drag on the overall market’s performance as these bellwethers depreciated in share value by 1.20 per cent, 2.97 per cent and 2.93 per cent, respectively.

Accordingly, the Month-to-Date and Year-to-Date returns moderated to +0.2 per cent and +30.1 per cent, respectively.

With the persistent bearish moments at the local bourse, equities investors lost N126.14 billion on Tuesday as the market capitalization settled at N36.48 trillion at the end of the day’s trading activities.

As measured by market breadth, market sentiment was flat as an equal number of 22 tickers gained and lost. On the performance board, Consolidated Hallmark Insurance and Cornerstone Insurance topped the gainers’ list having appreciated in share value by 10.0 per cent, respectively; while Conoil and FTN Cocoa Processor recorded the most significant losses of the day after their share value lost 10.0 per cent, respectively.

Analysing by sectors, the Banking, Oil & Gas and Industrial Goods indices closed lower by 4.5 per cent, 1.2 per cent and 0.3 per cent, while the Consumer Goods index closed flat. Meanwhile, the Insurance index was the sole gainer of the day having inclined 2.4 per cent.

Activities at the local bourse for the day under review was unimpressive as analysis of market activities at the NGX on Tuesday showed trade turnover settled lower relative to the previous session, with the value of transactions down by 16.76 per cent.

A total of 363.99 million shares valued at 4.53 billion were exchanged in 7,018 deals. Access Holdings led the volume chart with 49.97 million units traded in deals while United Bank for Africa led the value chart with N787.37 million.

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