Local stock market goes bearish as investors lose N6.05bn

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3 years ago

Equities trading at the Nigerian Exchange Limited (NGX), on Thursday, was unimpressive as the market shed previous day gains.

At the end of the trading activities, the local bourse reversed some of the previous session’s gains as the benchmark index slipped by 0.02 per cent to close at 47,353.22 basis points.

Profit-taking activities in the stocks of Seplat ensured the market closed lower, as the high capitalised stock dipped by 3.3 per cent.

Precisely, the All-Share Index (ASI) dipped by two basis points to 47,353.22 points, with the Month-to-Date and Year-to-Date returns unchanged at -0.1 per cent, and +10.9 per cent, respectively.

Equities investors, therefore, lost N6.05 billion from their investment as the market capitalization settled at N25.521 trillion as against an opening of N25.527 trillion.

As measured by market breadth, market sentiment was negative as 17 tickers lost relative to 16 gainers.

On the performance chart, UACN led 17 others on the leader’s column having appreciated by 10.00 per cent, while Niger Insurance topped 16 others on the laggard’s table after its share values depreciated by 9.09 per cent.

Performance across sectors was however mixed as the Insurance index gained 0.1 per cent, while the Oil & Gas and Consumer Goods indices declined by 1.8 per cent and 0.5 per cent respectively. The Banking and Industrial Goods indices closed flat.

Analysis of the market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions advancing by 53.51 per cent. A total of 239.73 million shares valued at N3.89 billion were exchanged in 3,848 deals.

Veritas Kapital led the volume chart with 30.01 million units traded, while MTN Nigeria, for the second consecutive session, led the value chart in deals worth N961.43 million.

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Local stock market goes bearish as investors lose N6.05bn