Equities investors lose N6.5bn on sustained bearish trend

Negative sentiments persisted at the Nigerian Stock Exchange (NSE), as the All-Share Index (ASI) fell by marginal four basis points to 35,021.26 points.

The ASI decreased further by 0.04 per cent on Wednesday just as the market worth lost N6.524 billion to settle at N18.3 trillion.

Consequently, Month-to-Date loss increased to -0.1 per cent while Year-to-Date gain moderated to 30.5 per cent.
Market sentiment, as measured by market breadth, was also negative, as 21 tickers declined, relative to 13 gainers.

Royal Exchange and Ardova Oil led the loser’s list having declined by 8.7 per cent respectively, while FTN Cocoa Processing and Union Diagnostics recorded the largest gains of the day after 8.8 per cent and 8.0 per cent respective increase in share value.

Also, performance across sub-sectors tracked remained bearish as four out of the five indices closed south except for the NSE Industrial index which closed flat. The NSE Banking, NSE Insurance, NSE Consumer Goods and NSE Oil/Gas indices declined by 0.07 per cent, 1.04 per cent, 0.03 per cent and 0.37 per cent respectively.

Meanwhile, activity in the market was mixed: while deals and volume of stocks traded fell by 14.33 per cent and 7.76 per cent to 3,855 deals and 0.30 billion units respectively; however, total value traded rose by 4.46 per cent to N3.42 billion.

FBN Holdings was the most traded stock by volume at 40.78 million units, while Guaranty Trust Bank was the most traded stock by value at N1.08 billion.

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