NGX: Investors lose N11bn as market posts ASI shed 0.05%

Negative sentiments persist at the Nigerian Exchange Limited (NGX) as equities extend bearish run into the third session as investors continued to sell-off banking stocks.

On Wednesday, the All-Share Index (ASI) shed 0.05 per cent to stand at 38,852.69 basis points. This outing dragged the year-to-date performance to stand at -3.52 per cent as the ASI is down by 0.94 per cent month-to-date.
Consequently, investors lost N11 billion by the end of trading session on Wednesday after equities market capitalization settled at N20.243 trillion.

Market breadth swayed in favour of the bears with 13 counters in the gainers’ chart pitted against 17 counters in the losers’ chart.

On the performance table, Transcorp Hotels, PharmaDeko, Conoil, Cornerstone Insurance and NEM Insurance were the best-performing stocks in the session as they populate the top five gainers’ chart.

From the rear of the chart Veritas Kapital, United Capital, Chams, Access Bank and Japaul Gold populated the top five losers’ charts.

Sectorial indices recorded mixed performance with the Insurance index gaining as much as 1.21 per cent to become the best performing index, while the Banking index is the worst performing index as it shed 0.83 per cent.

Market activity as measured by both volume and value of trades declined further, as funds outflow from the market persists.
Daily traded volume stood at 156 million units, a 15.54 per cent decline from a volume of 184 million units traded in the previous session.

The value of traded stocks dipped by 35.55 per cent in the session to stand at N1.510 billion as against a value of N2.343 billion recorded in the previous trading session.

Market activity for the session continues to be dominated by the financial sector. Universal Insurance was the most traded stock in the session, as it is flanked by United Bank for Africa, Zenith Bank, GTCO and United Capital to complete the list of the five most traded stocks in terms of volume of units traded.

With regards to the value of traded stocks, GTCO, Zenith Bank, United Bank for Africa, Stanbic IBTC Holdings and United Capital made up the top five performers.

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