Equities market reverses gain, as ASI dips by 0.1%

The Nigerian equities market reverses the previous day’s gain to close the third trading session of the week bearish as the benchmark index dips by 0.1 per cent.

Specifically, the All Share Index (ASI) of the Nigerian Exchange Limited (NGX) shed six basis points (bps) on Wednesday to settle at 50,594.97 bps as against its previous close of 50,626.04 bps.

This dragged both the month-to-date and year-to-date performance of the ASI at 0.45 per cent and 18.44 per cent from their previous close of 0.51 per cent and 18.52 per cent respectively.

Investors, therefore, lost N17 billion from their investment NetWorth as the market capitalization followed suit the direction of the ASI to stand at N27.284 trillion, representing a 0.06 per cent drop from the N27.301 trillion it stood at the end of the previous trading session.

Bulls’ camp maintained dominance over the market breadth with 22 counters in the gainers’ chart pitted against 15 counters in the losers’ chart.

On the performance board, LASACO Insurance gained 10.00 per cent to become the best performing stock in the session, flanked by UPDC, HoneyWell Flour Mills, Chams and Japaul Gold as they populated the top five gainers’ chart. From the rear of the chart, Learn Africa, University Press Limited, Cornerstone Insurance, Unity Bank and Fidelity Bank populated the top five losers’ charts.

Key sectoral indices closed in a mixed direction with the ASI, with the NGX Growth sector gaining 1.09 per cent, the NGX Industry sector losing 0.45 per cent, and the NGX ASEM sector closing flat.

Market activity as measured by the volume of trades waned in the session, with daily traded volume standing at 121.161 million units, representing a 6.20 per cent downtick from a volume of 129.166 million units traded in the previous session.

The value of those traded stocks on the other hand inched up by 45.69 per cent in the session to stand at N4.169 billion as against a value of N2.862 billion recorded in the previous trading session.

MTN Nigeria dominated the volume and value charts as the top traded stock by volume for the trading session.

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Equities market reverses gain…  Equities market reverses gain…