Equities investors lose N2bn as market halts bullish trend

The local stock market halts its previous five consecutive days positive outing to close on a negative note for the first time in the year.

Specifically, the benchmark index of the Nigerian Exchange Limited (NGX) shed 0.09 per cent, on Tuesday, to peg the ASI at 43,859.30 basis points, bringing the month-to-date and year-to-date outings to stand at -2.68 per cent.

Investors, therefore, lost two billion naira in the session as the market capitalisation followed suit the direction of the ASI to stand at N23.631 trillion, a 0.08 per cent lost from the N23.561 trillion it stood at the end of the previous trading session.

Market breadth closed in favour of the bears with 26 counters in the losers’ chart pitted against 17 counters in the gainers’ chart.

On the performance board, BUA Foods gained 10.00 per cent for the fifth time, to lead the best five performing stocks in the session. It is flanked by Eterna Oil, Union Bank of Nigeria, Wema Bank and Oando to complete the list of the top five gainers.

From the rear of the chart, Mutual Benefit shed the most weight to lead the laggards’ chart as it is flanked by Berger, UPDCREIT, Nestle Nigeria and Unity Bank to complete the top losers’ chart.

Most sectoral indices closed in the same direction with the ASI save for NGX Banking and NGX Oil&Gas that gained 0.16 per cent and 0.95 per cent respectively, while NGX Growth and NGX ASEM closed flat.

Market activity as measured by both volume and value shed weight in the session with daily traded volume standing at 295 million units, representing a 5.37 per cent decrease from a volume of 311 million units traded in the previous session.

The value of traded stocks dipped by 21.68 per cent in the session to stand at N6.768 billion as against a value of N8.642 billion recorded in the previous trading session.

Transnational Corporation dominated the volume charts as the top traded stock by volume for the trading session. This is followed by BUA Foods, FBN Holdings, Guaranty Trust Holding Company, and Access Bank to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, BUA Foods took the lead of the top five performers as well. It is flanked by Seplat, Stanbic IBTC, Dangote Cement and GTCO.

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Equities investors lose N2bn as market halts bullish trend