Local stock market sheds N9bn despite upsurge in activities

The Nigerian equities market continues its zigzag movement as it reverses the previous day gain to close the market with a 0.05 per cent descent on Tuesday.

Specifically, the Nigerian Stock Exchange All Share Index shed 0.05 per cent to close at 38,704.97 basis points as year-to-date performance stood at -3.89 per cent.

There was however an uptick in activity level at the local bourse as volume and value of stocks traded increased by 43.03 per cent and 96 per cent.

Also, the market’s worth went southward as the market capitalisation closed at N20.251 trillion, leaving investors with N9 billion loss after Tuesday’s trading session.

The bears held sway over the market breadth as 19 counters in the gainers’ chart were trumped by 20 counters in the losers’ chart.

CAP was up 10 per cent to lead the gainers’ chart, followed by Wapic Insurance, NPF Microfinance Bank, Julius Berger and FTN Cocoa.

From the rear of the chart, Livestock, Chams, Cornerstone Insurance, Champion Breweries and EcoBank Incorporation were the biggest losers of the day.

Most sectoral indices closed in contrast to the ASI, as the Insurance, Consumer Goods, Oil&Gas, and Lotus indices were up 0.64 per cent, 0.11 per cent, 0.13 per cent, and 0.01 per cent respectively. Whereas the Industrial and ASEM indices closed relatively flat.

Daily traded volume stood at 410 million units, a 48.03 per cent increase from a volume of 277 million units recorded in the previous trading session.

Value of traded stocks also closed in tandem with volume as the value of trades increased by 96 per cent to stand at N5.985 billion as against a value of N3.053 billion recorded in the previous trading session.

Dangote Sugar was the most traded stock of the day, flanked by Union Bank of Nigeria, Transnational Corporation, Guaranty Trust Bank, Custodian Assurance to complete the list of the five most traded stocks in terms of volume.

With regards to the value of trades, Dangote Sugar, Guaranty Trust Bank, Stanbic, Zenith Bank and Nigerian Breweries made up the top five performers.

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Local stock market sheds N9bn despite upsurge in activities