Equities investors lose N345bn as bears persists at NGX

On Tuesday at the Nigerian Exchange (NGX), equities investors lost about N345 billion in the stock market due to sell pressures.

The All-Share Index decreased by 550.88 basis points on Tuesday, representing a drop of 0.51 percent, to close at 106,904.25 basis points.

The second bearish run in the week was driven by sell pressures on Transcorp, Eterna, United Capital, and Dangote Sugar Refinery Plc, among other decliners.

Overall, the equities market capitalisation of the Nigerian Exchange lost N344.96 billion, representing a decline of 0.51 percent, to close at N66.94 trillion.

Hence, the market breadth closed negative, recording 16 gainers and 44 losers.

NEM Insurance topped the advancers’ chart for the day under review with a price appreciation of 8.78 percent, trailed by Ikeja Hotels, Consolidated Hallmark, Livestock, International Breweries, Cutix, and ten others.

Forty-four stocks depreciated, stockbrokers at Atlass Portfolios Limited said. Eterna Oil, Transnational Corporation, Dangote Sugar, Guinea Insurance, and Swap Capital and Asset Management were the top losers, with a price depreciation of 10.00 percent each.

The market sectoral performance was negative, as three of the five major market sectors were down.

The Banking sector dropped by 1.80 percent, followed by the Consumer Goods sector, which fell by 0.37 percent, and the Oil & Gas sector dipped by 0.36 percent. The Insurance and Industrial sectors grew by 0.73 percent and 0.01 percent respectively.

However, the market activities were up, as the total volume and total value traded in the local bourse increased by 28.36 percent and 21.18 percent, respectively.

Approximately 395.47 million units valued at N8,763.89 million were transacted across 13,967 deals. In terms of volume, United Capital led the activity chart, accounting for 10.28 percent of the total volume traded in the market, followed by Ellah Lakes, Zenith Bank, Universal Insurance, and Access Holdings, rounding out the top five.

Zenith Bank emerged as the most traded stock in value terms, accounting for 14.05 percent of the total value of trades on the exchange.

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