Local stock market opens November in zed zone as investors lose N32bn

The Nigerian equities market started the month of November on a negative note amidst the outcome of third-quarter results as the benchmark index dipped by 0.15 per cent on Monday.

The All Share Index (ASI) of the Nigerian Exchange Limited (NGX) was pegged at 41,976.79 basis points at the end of the day session, bringing the year-to-date performance of the ASI to stand at 4.24 per cent.

This outing pegged the equities market capitalization at N21.906 trillion as investors lost N32 billion in the session.
However, market breadth closed in favour of the bulls, with 32 counters in the gainers’ chart pitted against 19 counters in the losers’ chart.

Guinness Nigeria, Custodian Insurance, AIICO Insurance, University Press Limited and Wema Bank were the best-performing stocks in the session as they populated the top five gainers’ chart.

From the rear of the chart Regal Insurance, CWG, Sovereign Insurance, Royal Exchange and Dangote Sugar populated the top five losers’ charts.

Most sectoral indices closed in the same direction with the ASI save for NGX Insurance and NGX Industry that gained 1.93 per cent and 0.11 per cent respectively, while NGX ASEM closed flat.

Market activity as measured by both volume and value of trades shaded weight in the session with daily traded volume standing at 378 million units, representing 66.53 per cent decrease from a volume of 1.130 billion units traded in the previous session.

The value of traded stocks declined by 76.46 per cent in the session to stand at N3.244 billion as against a value of N13.779 billion recorded in the previous trading session.

Market activity for the session was dominated by the financial sector, with FBN Holdings being the most traded stock, as it is flanked by Transcorp, Wema Bank, AIICO Insurance and WAPCO

With regards to the value of traded stocks, FBN Holding, WAPCO, Zenith Bank, GTCO and MTN Nigeria made up the top five performers.

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Local stock market opens November in zed zone as investors lose N32bn