Bears persist at NGX as investors lose N111.2bn

Equities trading at the Nigerian Exchange Limited (NGX) was bearish on Thursday to extend losses for the second consecutive session as the All-Share Index closed 0.31 per cent weaker to close at 65,482.91 basis points.

The overall weak performance was driven by selloffs in tier-1 banking names, Zenith Bank, Guaranty Trust Holding Company and FBN Holdings. They contributed to keeping the broader index in the red having dipped in share value by 0.85 per cent, 3.10 per cent and 4.39 per cent, respectively.

Accordingly, the Month-to-Date and Year-to-Date returns moderated to +7.4 per cent and +27.8 per cent, respectively.

Equities investors, therefore, lost N111.15 billion from their overall investment as the market capitalisation settled lower at N35.63 trillion.

As measured by market breadth, market sentiment was negative as 38 tickers lost relative to 14 gainers. On the performance board, Japaul Gold and Cadbury topped the losers’ list after their respective share prices dipped by 9.9 per cent and 9.8 per cent, while Lasaco Assurance and Multiverse recorded the most significant gains of the day having appreciated in share value by 10.0 per cent, respectively.

Despite the negative market sentiment, three of the five indexes tracked closed in green: the NGX Banking, NGX Oil/Gas, and NGX Industrial rose by 0.02 per cent, 0.88 per cent, and 0.01 per cent, respectively. However, the NGX Insurance and the NGX Consumer Goods indices rose by 0.95 per cent and 0.66 per cent, respectively.

Activities at the local bourse were unimpressive as analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 32.87 per cent. A total of 509.25 million shares valued at N4.80 billion were exchanged in 8,070 deals.

Japaul Gold led the volume chart with 115.70 million units traded while United Bank for Africa led the value chart in deals worth N595.92 million.

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