Equities investors lose N24.4bn on bearish trade

The domestic bourse resumed its downward trend on Wednesday’s trading session, as investors sold off Tier-1 Banks such as GTCO and Zenith Bank.

Consequently, the benchmark index dipped by 0 q per cent to close at 39,204.52 basis points, while the investors shed N24.366 billion after the market capitalisation settled at N20.43 trillion.

Despite expectations that half-year corporate earnings and interim dividend proposals in the Tier-1 banking space will fuel positive sentiments in the market, with the sell-off seen in GTCO and Zenith Bank’s shares that dipped by 2.0 per cent and 0.8 per cent respectively, the market defies forecast.

As measured by market breadth, market sentiment was positive as 15 tickers gained, relative to 13 losers.

On the performance chart, Regal Insurance and Universal Insurance topped the gainers’ list with 8.5 per cent and 5.0 per cent respectively, while SCOA and Veritas Kapital recorded the most significant losses of the day with a 9.7 per cent and 8.7 per cent dip in the value of their respective shares.

It was a mixed performance across sectors as the Insurance, Banking, and Consumer Goods indices declined by 1.0 per cent, 0.3 per cent and 0.1 per cent, respectively, while the Oil & Gas index closed positive with a 0.6 per cent increase. Elsewhere, the Industrial Goods index closed flat.

Activities at the local bourse were however impressive as the total volume of trades increased by 60.9 per cent to 339.51 million units, valued at N3.11 billion, and exchanged in 3,998 deals.

FBN Holdings continued to attract investors as it was the most traded stock by volume at 86.01 million units, while Access Bank was the most traded stock by value at NGN671.34 million.

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