Local stock market extends losses to eighth-day

Equities trading ended on the red line at the Nigerian Exchange (NGX) on Wednesday to extend the negative trend into the eighth straight trading session.

Specifically, the NGX All Share Index (ASI) shed a further 0.06 per cent in the session to peg the bourse at 38,233.68 basis points.

This negative outing brought the year-to-date performance of the All-Share Index to stand at -5.06 per cent.

The equities market capitalisation stood at N19.928 trillion as investors shed N12 billion from their net worth.

Specifically, sell-offs in tier 1 banking stocks such as Zenith Bank, Guaranty Trust Bank, United Bank for Africa and FBN Holdings massively contributed to the negative outing as their shares value moderated by 1.08 per cent, 0.70 per cent, 0.70 per cent and 0.70 per cent respectively.

However, the market breadth swayed bullish as 20 counters in the gainer’s chart outweigh 14 counters in the losers’ chart.

John Holt, Vitafoam, Lasaco Insurance, C&I Leasing and Learn Africa led the top gainers’ chart as the best-performing stocks.

From the rear of the chart, FTN Cocoa, NPF Microfinance Bank, Flour Mills of Nigeria, Japaul Gold and Wema Bank populated the top losers’ chart.

Key sectoral indices recorded mixed performance in the session, while the Banking sector shed the most weight to close in tandem with the ASI, the Insurance sector gained the most weight to negate the outcome of the ASI.

Market activity as measured by the volume of trades declined in the session with daily traded volume standing at 203 million units, an 18.83 per cent decline from a volume of 250 million units traded in the previous session.

However, market turnover as measured by the value of traded stocks improved in the session by 16.99 per cent to stand at N1.816 billion as against a value of N1.552 billion recorded in the previous trading session.

Fidelity Bank was the most traded stock on Wednesday trading session, as it was flanked by Zenith Bank, Mutual Benefits, Sovereign Insurance and Transnational Corporations to complete the list of the five most traded stocks in terms of volume of trades.

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

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Local stock market extends losses to eighth-day