Investors lose N391bn as equities market turn bearish

The Nigerian equities market halt its two days of positive outings to close on a negative note, on Thursday, as the benchmark index shed 1.8 per cent.

The All Share Index (ASI) of the Nigerian Exchange Limited NGX shed 1.77 per cent to peg the ASI at 41,685.22 basis points, bringing the month-to-date and year-to-date to stand at -3.61 per cent and 3.51 per cent respectively.

Thus, investors lost N391 billion in the session as the market capitalization followed suit the direction of the ASI to stand at N21.752 trillion, a 1.77 per cent lost from the N22.143 trillion it stood at the end of the previous trading session

Market breadth, however, closed in favour of the bulls with 22 counters in the gainers’ chart pitted against 15 counters in the losers’ chart.

Sky Aviation was the best performing stock in the session, as it is flanked by Oando, Wapic, Mutual Benefit and CHI Plc to complete the list of the top five gainers.

From the rear of the chart, Dangote Cement shed the most weight to lead the laggards’ chart as it is flanked by UACN, Neiment, May&Baker and Pharmadeko to complete the top losers’ chart.

Most sectoral indices closed in different direction with the ASI save for NGX30, NGX LOTUSISLM, and NGX INDUSTR that lost 1.87 per cent, 2.38 per cent, and 5.34 per cent respectively; while NGX Growth and NGX ASEM closed flat.

Market activity as measured by both volume and value shaded weight in the session with daily traded volume standing at 473 million units, representing a 27.13 per cent decrease from a volume of 650 million units traded in the previous session.

The value of traded stocks dipped by 28.15 per cent in the session to stand at N5.176 billion as against a value of N7.204 billion recorded in the previous trading session.

FBN Holdings dominated the volume charts as the top traded stock by volume for the trading session. This is followed by Access Bank, Sterling Bank, Unity Bank and Zenith Bank to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, FBN Holdings took the lead of the top five performers as well. It is flanked by Zenith Bank, Access Bank, Wapco and GTCO.

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Investors lose N391bn as equities market turn bearish