NGX: Bullish trend wanes as market dips by 0.06 per cent

Equities trading at the Nigerian Exchange Limited (NGX) was unimpressive as the local bourse halt its bullish run to closed negatively.

To halt five consecutive day gain, the All Share Index (ASI) dipped by 0.06 per cent to close at 45,928.27 basis points amid profit-taking activity.

Consequently, investors lost N11.9 billion at the end of the day trading session as the market capitalisation settled at N24.75 trillion against an opening of N24.76 trillion.

Consequently, the year-to-date gain of the local bourse fell to 7.52 per cent.

Market breathe was also unimpressive as the Exchange printed a higher number of losers than gainers with 26 against 15 as more penny stocks lost value on Monday.

On the performance chart, Regal Insurance led the decliners list as its share value dipped by 9.52 per cent. NEM Insurance, AIICO Insurance and FBN Holdings joined the top five decliners as the value of their shares depreciated by 5.41 per cent, 2.44 per cent, 1.67 per cent respectively.

Meanwhile, on the green side of the performance chart, Courtville’s stocks appreciated by 8.70 per cent amid sustained strong buying interest. Also Seplat, Honeywell Flour Mills and Guinness Nigeria advanced by 3.30 per cent, 1.56 per cent and 0.71 per cent.

Performance across sub-indices was largely negative except for the NGX Oil/ Gas which rose by 1.67 per cent. The NGX Banking Index, NGX Insurance Index, NGX Consumer Goods Index and the NGX Industrial index plunged by 0.45 per cent, 1.44 per cent, 0.23 per cent and 0.01 per cent respectively.

Meanwhile, Market activity was mixed, as the volume of stocks traded today decreased by 1.06 per cent to 278.61 million shares while the value of stocks traded rose by 19.71 per cent to N 2.89 billion.

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NGX: Bullish trend wanes as market dips by 0.06 per cent