Local stock market reverses losses as investors earn N36bn

Positive sentiments take hold at the Nigerian Exchange Limited (NGX) as the All Share Index (ASI) erases previous session loss to gain 0.18 per cent.

This outing brought the year-to-date performance of the ASI to stand at -4.44 per cent as the NGXASI is pegged at
38,482.52 basis points.

This positive outing pushed the Equities Market Capitalization higher as it increases by N36bn to stand at N20.058 trillion, a 0.18 per cent increase in investors’ net worth

However, market breadth closed in favour of the bears, as 15 counters in the gainers’ chart were pitted against 20 counters in the losers’ chart.

University Press Limited, Regal Insurance, Veritas Kapital, Chi PLC and Royal Exchange led the top gainers’ chart in the Wednesday session as the best-performing stocks.

From the rear of the chart, CWG, Ikeja Hotels, Bascom, John Holt and Linkage Assurance populated the top losers’ chart. Most sectoral indices closed in tandem with the ASI save for the Consumer Goods and Oil&Gas sectors that lost 0.16 per cent and 0.05 per cent respectively as NSE ASEM closed flat.

Market activity as measured by the volume of trades dipped in the session with daily traded volume standing at 157 million units, a 42.91 per cent decrease from a volume of 275 million units traded in the previous session.

Market turnover followed suit to slid by 49.51 per cent in the session to stand at N1.329 billion as against a value of N2.632 billion recorded in the previous trading session.

Japaul Gold was the most traded stock as it releases a less than impressive full-year result, with the bottom-line declining by 102.91 per cent to slip into negative territory.

The five most traded stocks chart is completed in the session by FBN Holdings, Transnational Corporations, UACN, and Fidelity Bank.

With regards to the value of traded stocks, Seplat, Zenith Bank, UACN, Dangote Cement and Guaranty Trust Bank made up the top five performers.

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Local stock market reverses losses as investors earn N36bn