NGX: Bears persists as equities investors lose N23bn

Trading activities at the Nigerian Exchange Limited (NGX) closed bearish on Wednesday as investors continued to book profits on their stocks.

All-Share Index (ASI) lost a further 0.11 per cent to stand at 37,804.46 basis points, bringing the year-to-date performance to stand at -6.12 per cent.

This outing pegged the Market Capitalisation at N19.703 trillion as investors shed a further N23 billion from their net worth.
The bears continue to maintain a grip on the market breadth, as 11 counters in the gainers’ chart were pitted against 23 counters in the losers’ chart.

Having experienced sell-off pressures in the previous trading sessions, FTN Cocoa was visited by the bulls’ camp as it gained 10 per cent in the session to lead the gainers’ chart. It is flank in the session by Ikeja Hotel, Cornerstone Insurance, Linkage Assurance and Mutual Benefits to complete the top gainers’ chart as the best-performing stocks.

From the rear of the chart, Royal Exchange, Japaul Gold, University Press Limited, Chi PLC and ETranzact populated the top losers’ chart.

Most sectorial indices closed in tandem with the ASI save for the Consumer Goods and Lotus sectors that were up 0.16 per cent and 0.02 per cent respectively, as both the Industrial sector and NSEASEM closed flat.

Market activity as measured by the volume of trades reclined in the session with 208 million units of shares traded in the session, a 4.54 per cent decline from a volume of 218 million units traded in the previous session.

Market turnover also dipped in the session as it decreased by 41.21 per cent to stand at N1.603 biliion against a value of N2.726 billion recorded in the previous trading session.

Zenith Bank experienced an increased sell pressure as it becomes the most traded stock in today’s session in terms of volume of trades. It is flanked in the session by ETranzact, Fidelity Bank, Royal Exchange and Japaul Gold to complete the list of the five most traded stocks in terms of volume of trades. With regards to the value of traded stocks, Zenith Bank, Flour Mills of Nigeria, Access Bank, FBN Holdings and MTN Nigeria made up the top five performers.

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