Investors lose N25bn as negative sentiment persists at NGX

Equities trading at the Nigerian Exchange Limited (NGX) ended negatively on Tuesday to extend the bearish run into the second trading session of the week.

Thus the All Share Index (ASI) further shed 0.11 per cent to stand at 46,843.81 basis points, dragging both the Month-to-Date (MtD) and Year-to-Date (YtD) performance to stand at -1.16 per cent and 9.66 per cent, respectively.

Investors, therefore, lost N25 billion in the session as market capitalisation closed bearish to stand at N25.2456 trillion, representing a 0.11 per cent decrease as well from the N25.273 trillion it stood at the end of the trading session on Monday.

Market breadth also closed bearish with 18 counters in the losers’ chart pitted against 16 counters in the gainers’ chart.

On the performance chart, PZ, Japaul Gold, FCMB Group, CHI Plc, and NPF Microfinance Bank were the best-performing stocks. From the rear of the chart International Breweries, Veritas Kapital, FTN Cocoa, Fidelity Bank, and Chams populated the top five losers’ charts.

Most sectoral indices closed in the same direction with the ASI, aside NGX Lotus Islam, NGX Industry, NGX Growth and NGX ASEM that closed flat.

Market activity as measured by both volume and value of trades shed weight at the end of the trading session as the daily traded volume stood at 214.328 million units, representing a 40.45 per cent downtick from a volume of 359.890 million units traded in the previous session.

Value of traded stocks waned by 31.43 per cent in the session to stand at N1.790 billion as against a value of N2.611 billion recorded in the previous trading session.

Chams dominated the volume charts as the top traded stock by volume for the trading session. This is followed by Access Corporation, Transnational Corporation, FBN Holdings, and E-Tranzact to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, Access Holdings took the lead of the top five performers as well. It is flanked by Zenith Bank, FBN Holdings, Nestle, and lastly Guaranty Trust Holding Company (GTCO).

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“Absolutely, When we came with the Buhari government in 2015 I became the minister. We were committed to a roadmap to establish a National Carrier, to concession the airports, to set up a leasing company, to establish cargo facilities and we have been doing that.”

On why the Buhari government wanted a national carrier, the minister responded: “Nigeria is situated at the centre of Africa, equidistant from all locations in Africa. 30.4 million square kilometres miles, 1.5 billion people, very green land. If Central and Eastern Africa is the belt of the continent, then Nigeria is the buckle. 200 million people and rising middle class, propensity to fly is high. Nigeria is a candidate for National Carrier.”

Sirika who insisted that the coming national carrier will be private sector driven added; “Private. Yes. 5 per cent government and no government stepping right in that company, no government control, no membership of government on board. Totally private and committed.

“Whatever we say we will do as a government since 2015, it has happened. that is why Tim Clark of Emirates, Qatar Airways and all of them are looking to go into Nigeria in multiple frequencies and multiple landing points because Nigeria is the right place for the airline business.

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