Business

Bears persist at NGX as investors lose N706.8bn

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.

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