Local stock market dips further, as investors lose N516bn

Equities trading at the Nigerian Exchange Limited (NGX) was bearish on Tuesday, extending its negative tempo into the second trading session of the week, as losses recorded by such high cap stocks as MTN Nigerian, Flour Mills of Nigeria, Zenith Bank and Guaranty Trust Holding Company push the equities market below 51,000 basis points.

Thus, the All Share Index (ASI) dipped by 186 basis points (boss) to settle at 50.442.37 bps as against its previous close of 51,400.53 bps.

The negative outing pegged both the month-to-date and year-to-date performance of the ASI at -2.65 per cent and 18.09 per cent from their previous close of 0.80 per cent and 21.33 per cent respectively.

Equities investors, therefore, lost N516 billion from their networth as the market capitalisation followed suit the direction of the ASI to stand at N27.202 trillion, representing a 1.86 per cent decrease from the N27.718 trillion it stood at the end of the previous trading session.

Bears’ camp maintained dominance over the market breadth with 37 stocks in the losers’ chart pitted against three stocks in the gainers’ chart.

Livestock gained 1.63 per cent to become the best performing stock in the session, flanked by FBN Holding and Sterling Bank as they populated the gainers’ chart.

From the rear of the chart, Trans Express, international Breweries, MTN Nigeria, PZ and Berger Paints populated the top five losers’ chart.

Key sectoral indices closed in the same direction as the ASI, save for NGX Industry, NGX Growth and NGX ASEM sectors that closed flat.

However, market activity as measured by both volume and value of trades improved in the session, with daily traded volume standing at 156.168 million units, representing a 57.98 per cent uptick from a volume of 98.852 million units traded in the previous session.

The value of those traded stocks inched up by 16.78 per cent in the session to stand at N2.937 billion as against a value of N2.515 billion recorded in the previous trading session.

Flour Mills of Nigeria (FMN) dominated the volume charts as the top traded stock by volume for the trading session, followed by Transcorp, GTCO, Zenith Bank and FBNH to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, FMN took the lead of the top five performers, flanked by MTN Nigeria, Airtel Africa, GTCO, and lastly Zenith Bank.

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Local stock market dips further…    Local stock market dips further…