Local stock market extends previous day’s sentiments as investors lose N76bn

Equities trading at the Nigerian Exchange Limited (NGX) extends previous days negative outings as benchmark index further dips by 0.34 per cent, on Wednesday.

Specifically, the All-Share Index (ASI) shed 0.44 per cent to settle at 42,244.22 basis points, bringing the month-to-date and year-to-date outings to stand at 2.32 per cent and 4.90 per cent respectively.

Investors, therefore, lost N76 billion in the session as the market capitalisation followed suit the direction of the ASI to stand at N22.050 trillion, a 0.34 per cent loss from the N22.126 trillion it stood at the end of the previous trading session.

Market breadth closed in favour of the bulls with 17 counters in the gainers’ chart pitted against 14 counters in the losers’ chart.

Cutix was the best performing stock in the session, as it is flanked by May&Baker, UPDC, CHI PLC, and Chams to complete the list of the top five gainers.

From the rear of the chart, Royal Exchange shed the most weight to lead the laggards’ chart as it was flanked by Lasaco Insurance, Union Bank of Nigeria, FCMB and Oando to complete the top losers’ chart.

Most sectoral indices closed in the same direction with the ASI save for NGX Insurance and NGX Consumer Goods that gained 0.55 per cent and 0.58 per cent respectively, while NGX Growth and NGX ASEM closed flat.

Market activity as measured by both volume and value shed weight in the session with daily traded volume standing at 224 million units, representing a 18.81 per cent decrease from a volume of 246 million units traded in the previous session.

Value of traded stocks dipped by 32.47 per cent in the session to stand at N2.658 billion as against a value of N3.935 billion recorded in the previous trading session.

UACN dominated the volume charts as the top traded stock by volume for the trading session on Wednesday. This was followed by Mutual Benefits, Sovereign Insurance, Veritas Kapital and Access Bank to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, UACN took the lead of the top five performers as well. It is flanked by Nestle Nigeria, MTN Nigeria, Okomu Oilpalm and Zenith Bank.

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Local stock market extends previous day’s sentiments as investors lose N76bn