Bears persist at NGX as investors lose N50.2bn

The bears continued to dominate the Lagos bourse as the benchmark index gave up 0.21 per cent to close the first trading in November at 43,745.73 basis points.

At the Nigerian Exchange Limited (NGX) on Tuesday, sell pressures in BUA Foods, Seplat Energies and Stambic IBTC were the primary drivers of the drag on the overall market’s performance as their share prices depreciated by 4.80 per cent, 8.33 per cent and 2.61 per cent, respectively.

Equities investors therefore lose N50.15 billion as the market capitalization closed at N23.83 trillion.

Consequently, the year-to-date (YTD) return dipped to 2.41 per cent.

Market breadth closed negative with declining issues outnumbering advancing ones. On the performance board, Julius Berger topped 17 others on the laggard’s table having recorded 9.46 per cent depreciation in it’s value, while NAHCO led 13 others on the leader’s log after it’s share value went up by 9.35 per cent.

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Across the sectoral front, the performance was lack luster as three out of the five indices tracked closed in the red zone; the NGX Insurance, NGX Consumer Goods, and NGX Oil/Gas indices fell by 0.43 per cent, 1.58 per cent, and 4.31 per cent, respectively. The NGX Banking and NGX Industrial indices, on the other hand, moderated by 0.07 per cent and 1.33 per cent, respectively.

Analysis of market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions up by 15.68 per cent. A total of 172.87 million shares valued at N4.01 billion were exchanged in 4,110 deals.

Access Corporation led the volume chart with 24.68 million units traded while Seplat Energies led the value chart in deals worth N2.53 billion.