Business

Bears persist at NGX as investors lose N706.8bn

Published by

2 years ago

On Thursday, the bears continued to dominate the local equities market as the All-Share Index of the Nigerian Exchange Limited (NGX) succumbed to a second successive loss, falling by 2.03 per cent to 62,748.94 basis points.

Accordingly, the Month-to-Date and Year-to-Date returns moderated to +2.9 per cent and +22.4 per cent, respectively.

Major lenders, including Fidelity Bank, Ecobank Transnational Incorporated, FBN Holdings, Access Holdings, Guaranty Trust Holding Company and Zenith Bank led the selloffs at the local bourse having declined in share value by 10.0 per cent, 10.0 per cent, 9.82 per cent, 9.54 per cent, 2.0 per cent and 2.04 per cent, respectively.

Equities investors, therefore, shed N706.77 billion from their overall investment as the market capitalisation settled lower at N34.17 trillion.

As measured by market breadth, market sentiment was negative as 57 tickers lost relative to 19 gainers. On the performance board, Transcorp Hotel and Omatek Computers topped the losers’ list having depreciated in share value by 10.0 per cent, respectively; while John Hold and Dangote Sugar recorded the highest gains of the day after their respective share prices increased by 10.0 per cent and 9.9 per cent, respectively.

Nevertheless, the sub-sector gauges were largely negative: the NGX Banking, NGX Insurance, NGX Consumer Goods, and NGX Oil/Gas indices declined by 6.63 per cent, 4.13 per cent, 0.09 per cent, and 0.74 per cent, respectively. However, the NGX Industrial index gained 0.69.per cent.

Meanwhile, market activity nosedived, with total deals, volume, and value decreasing by 25.81 per cent, 31.36 per cent, and 17.69 per cent, respectively, to 10,296 trades, 789.47 million units, and N10.45 billion.

In terms of volume, United Bank for Africa emerged as the most actively traded stock, with 99.02 million shares worth N1.33 billion changing hands in 682 deals.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Thoughts of not graduating with First Class gave me hypertension —Shukroh Adeyemi, LASU’s first class English graduate

Shukroh Adeyemi is a first-class graduate of the Department of English, Lagos State University (LASU), for the…

Full list: Names of ex-governors receiving pensions in 10th Senate

No fewer than 13 former governors still receive pension allowances as serving senators in the…

Mmesoma’s father apologises, begs JAMB, Nigerians, to pardon daughter

Mr Romanus Ejikeme, the father of Mmesoma Ejikeme, the 2023 Unified Tertiary Matriculation Examination (UTME) candidate who…

Asisat Oshoala shortlisted for 2023 Ballon d’Or award

Nigerian football star and Super Falcons forward, Asisat Oshoala, has been named as a nominee for the…

3 lessons from the ethnicization of JAMB controversy

OVER the last few days, Irecoiled in horror and disgust as the fairly straightforward case of JAMB exam result fraud by…

My children grew up in Ibadan, but I took them back to the North and married them off —Rahinatu, visually impaired beggar