Equities investors lose N98bn as bears persist

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4 years ago

Bears continue to consolidate its grip on the local stock market, on Thursday, as the All-Share Index (ASI) of the Nigerian Exchange (NGX) dips further 0.49 per cent.

Specifically, the ASI was pegged at 38,044.58 basis points at the end of trading activities, on Thursday, just as the market capitalisation stood at N19.830 trillion as investors shed N98 billion from their net worth.

This negative outing brought the year-to-date performance of the All-Share Index to stand at -5.53 per cent.

The market breadth followed suit the direction of the All-Share Index as 16 counters in the gainers chart were matched with 21 counters in the losers’ chart.

Mutual Benefit, Regal Insurance, Cutix, Chi Plc and Champion Breweries led the top gainers’ chart as the best-performing stocks.

From the rear of the chart, Sovereign Insurance, ABC Transport, Academy Press, Royal Exchange and Wapic Insurance populated the top losers’ chart.

Most sectoral indices closed in tandem with the ASI save for the Consumer Goods sector that gained 0.13 per cent as NSE ASEM closed flat.

Market activity as measured by the volume of trades surged in the session with daily traded volume standing at 214 million units, a 5.46 per cent increase from a volume of 203 million units traded in the previous session.

However, market turnover as measured by the value of traded stocks dipped in the session by 26.37 per cent to stand at N1.337 billion as against a value of N1.816 billion recorded in the previous trading session.

Sovereign Insurance was the toast of investors as it made the most traded stock on Thursday; it is flanked in the trading session by Mutual Benefit, UACN, Transnational Corporation and Sterling Bank to complete the list of the five most traded stocks in terms of volume of trades.

With regards to the value of traded stocks, Guaranty Trust Bank, UACN, Zenith Bank, Dangote Cement and Nestle Nigeria made up the top five performers.