Categories: Business

Local stock market opens week bearish as investors lose N30bn

Published by

3 years ago

Equities trading at the Nigerian Exchange Limited (NGX) starts a new week in the southern territory as the All-Share Index (ASI) shed weight to fall below the 50,000 basis points (bps).

Specifically, the ASI dipped by 11bps to peg the All-Share-Index above 49,991.41bps as against its previous close of 50,045.83bps.

This outing dragged both the month-to-date and year-to-date performance of the All-Share Index to 0.31 per cent and 17.03 per cent from their previous close of 0.42 per cent and 17.16 per cent respectively.

Investors, therefore, net worth waned by N30 billion on Monday as the market capitalisation followed suit the direction of the ASI to stand at N26.969 trillion, representing a 0.11 per cent drop from the N26.994 trillion it stood at the end of the previous trading session.
Bears’ camp took dominance over the market breadth with 16 counters in the losers’ chart pitted against 12 counters in the gainers’ chart.

CHAMS gained 7.69 per cent to become the best-performing stock in the session, flanked by Flour Mills of Nigeria, Nigerian Breweries, Pharmdeko and NPF Micro Finance Bank as they populated the top five gainers’ chart. From the rear of the chart ABC Transport, Japaul Gold, NGX Group, Wapco and Cutix populated the top five losers’ chart.

Key sectoral indices closed in the same direction as the ASI, save the NGX Consumer Goods sector which gained 0.55 per cent, while NGX Oil&Gas, NGX Growth and NGX ASEM sectors closed flat.
Market activity as measured by both volume and value of trades waned in the session with daily traded volume standing at 200.920 million units, representing a 16.29 per cent downtick from a volume of 240.020 million units traded in the previous session.

The value of those traded stocks dipped by 46.00 per cent in the session to stand at N1.446 billion as against a value of N2.677 billion recorded in the previous trading session.

The banking sector dominated the volume charts with Sterling Bank as the top traded stock by volume for the trading session, followed by Fidelity Bank, United Bank for Africa, Guaranty Trust Bank and Zenith Bank to complete the list of the five most traded stocks by volume.

With regard to the value of the traded stocks, MTN Nigeria took the lead of the top five performers, flanked by Zenith Bank, Guaranty Trust Bank, Sterling Bank and United Bank for Africa.

ALSO READ FROM NIGERIAN TRIBUNE