NGX: Bears dominate stock market as investors lose N10bn

At the Nigerian Exchange Limited (NGX), on Wednesday, equities trading was negative as the benchmark index of the local bourse dipped marginally by the end of the day’s activities.

Specifically, the All Share Index settled at 49,691.17 basis points as against its previous close of 49,709.46 basis points, to fix both the month-to-date and year-to-date performance of the All-Share Index at -1.35 per cent and 16.33 per cent from their previous close of -1.31 per cent and 16.37 per cent respectively.

Investors, therefore, lost N10 billion from their investment as the market capitalisation followed suit the direction of the ASI to stand at N26.802 trillion, representing a 0.04 per cent drop from the N26.812 trillion it stood at the end of the previous trading session.

Bears maintained dominance over the market breadth with 16 counters in the losers’ chart against 10 counters in the gainers’ chart.

On the performance board, Prestige gained 9.09 per cent to become the best performing stock of the day, flanked by Sovereign Insurance, Unity Bank and Academy as they populated the top five gainers’ chart. From the rear of the chart, Courville, SCOA, Sky Aviation, Regal Insurance and Honeywell Flour Mills populated the top five losers’ charts.

Key sectoral indices closed in the same direction as the ASI, save for NGX Insurance and NGX Lotus Islam sectors that gained weight, while NGX Industry, NGX Growth and NGX ASEM sectors closed flat.

Market activity as measured by the volume of trades shed weight in the session with daily traded volume standing at 128.786 million units, representing a 36.92 per cent downtick from a volume of 204.163 million units traded in the previous session.

Value of those traded stocks on the other hand spiked by 151.45 per cent in the session to stand at N4.124 billion as against a value of N1.640 billion recorded in the previous trading session.
FBN Holdings dominated the volume charts as the top traded stock by volume for the trading session, followed by Zenith Bank, United Bank for Africa, Cornerstone Insurance and Union Bank of Nigeria to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, Nestle Nigeria took the lead among the top five performers. It is flanked by Zenith Bank, FBN Holdings, MTN Nigeria and Guaranty Trust Holding Company.

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