Local stock market posts fourth day loss, sheds N61bn

Trading at the Nigerian Exchange Limited (NGX) treaded in the red zone as bearish sentiments for the fourth straight session on Thursday.

Specifically, mid and large-cap stocks such as Dangote Cement, Unilever, Access Bank and United Bank for Africa suffered losses today as their respective share prices declined by 1.87 per cent, 3.17 per cent, 1.19 per cent and 1.36 per cent.

Consequently, the ASI shed 0.3 per cent to close at 38,328.13 points, just as the market capitalisation left the N20 trillion zone to rest at N19.98 trillion, having shed N60.96 billion.

Thus, the Month-to-Date and Year-to-Date losses increased to -3.8 per cent and -4.8 per cent, respectively.

As measured by market breadth, market sentiment was however positive as 18 tickers gained relative to 17 losers.

On the performance chart, Trans Express and Prestige Insurance were the top gainers of the day, while Royal Exchange and Regal Insurance recorded the most significant losses of the day.

Further breakdown across sub-sector indicated that the NSE Insurance, NSE Consumer Goods and the NSE Oil/Gas indices rose by 0.35 per cent, 0.39 per cent and 0.05 per cent respectively. On the flip side, the NSE Banking and NSE Industrial indices fell by 0.11 per cent and 0.89 per cent respectively.

Meanwhile, trading activity was weak as total deals, volume and value of stock traded fell by 55.75 per cent, 48 per cent and 61.43 per cent to 1,546 deals, 0.79 billion units and N0.94 billion respectively.

Zenith Bank stocks were the toast of investors as it was the most traded stock by volume and value at 27.57 million units and N634.19 million, respectively.

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FULL TEXT: A viral post on WhatsApp is asking N-Power candidates to verify the status of their application and see if they have been shortlisted for the batch C cash grant…Local stock market posts fourth day loss, sheds N61bn

Local stock market posts fourth day loss, sheds N61bn