On Wednesday, equities trading at the Nigerian Exchange Limited (NGX) was unimpressive as the market extended losses from the previous session, leaving the All-Share Index (ASI) lower by 0.64 per cent to close at 52,775.40 basis points.
Basically, selloff activities in telco heavyweight, MTN Nigeria was the major drag on the index as it shed 2.38 per cent off its value.
In addition, sustained losses in banking stocks – Zenith Bank, FBN Holdings and Union Bank of Nigeria contributed to the overall bearish trade as their respective share value depreciated by 1.98 per cent, 5.71 per cent and 7.69 per cent.
Accordingly, the Month-to-Date loss settled at -0.4 per cent, while the Year-to-Date return moderated to +23.6 per cent.
Investors, therefore, lost N182.91 billion from their investments as the market capitalisation settled at N28.45 trillion at the end of trading activities, on Wednesday.
Market breadth closed negative with 26 declining issues outnumbering 11 advancing ones.
On the performance board, Meyer and Linkage Assurance recorded the most significant losses of the day having depreciated in value by 10.0 per cent and 8.9 per cent respectively, while Tripple-G and Learn Africa topped the gainers’ list after recording 9.2 per cent and 5.5 per cent appreciation in their respective share value.
Analysing by sectors, the Banking, Insurance, and Consumer Goods indices declined by 2.0 per cent, 0.9 per cent and 0.5 per cent, respectively, while the Oil & Gas index inched higher by 0.1 per cent. The Industrial Goods index closed flat.
Market activities on Wednesday were weak as analysis showed that trade turnover settled lower relative to the previous session, with the value of transactions declining by 23.76 per cent.
A total of 188.1 billion units of shares valued at N2.36 billion were exchanged in 4,890 deals.
United Bank for Africa led the volume chart with 36.4 million units while Guaranty Trust Holding Company (GTCO) led the value charts with N531.30 million.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
How Workplace Sexual Harassment Forces Many Out Of Their Dream Jobs
Despite several laws prohibiting sexual harassment in Nigeria, many victims are forced to quit their dream jobs while others suffer depression as a result of unsolicited sexual advances from colleagues. FAITH ADEOYE reports.
If you want to keep your job and excel in your career, you need to do as I say,” Janet Abegunde’s boss said to her one fateful day. Miss Abegunde, a 24-year-old accountant who had just gotten her first job in one of the new generation banks, said she fell into depression after her boss sexually harassed her.Bears persist at NGX as investors further lose N182.9%
Bears persist at NGX as investors further lose N182.9%
and then