Equities trading at the Nigerian Exchange Limited (NGX), on Wednesday, swayed southwards as the market reversed its previous day positive outing to close on a negative note.
Specifically, investors lost N49 billion in the session as the market capitalisation was pegged at N22.623 trillion.
The All Share Index (ASI), therefore, dipped by 0.22 per cent to 43,349.90 basis points as the outing brought the month-to-date and year-to-date outings of the ASI to stand at 3.12 per cent and 7.65 per cent respectively.
Market breadth also closed in favour of the bears with 24 counters in the losers’ chart pitted against 14 counters in the gainers’ chart.
ABC Transports was the best performing stock in the session, as it is flanked by Chams, Cutix, Wema Bank and Transcorp to complete the list of the top five gainers. From the rear of the chart, Neimeth Pharmaceutical shed the most weight to lead the laggards’ chart as it is flanked by Japaul Gold, Unity Bank, CHI Plc and Unilever to complete the top losers’ chart.
All sectoral indices closed in the same direction with the ASI save for NGX Industry that gained 0.01 per cent, while NGX Growth and NGX ASEM closed flat.
Market activity as measured by both volume and value of trades lost weight in the session with daily traded volume standing at 265 million units, representing 37.53 per cent decrease from a volume of 424 million units traded in the previous session.
The value of traded stocks waned by 47.77 per cent in the session to stand at N6.085 billion as against a value of N11.650 billion recorded in the previous trading session.
Market activity for the session was dominated by the financial sector, with FBN Holdings being the most traded stock, as it is flanked by International Breweries, Guaranty Trust Holding Company, Unity Bank and Access Bank.
With regards to the value of traded stocks, Nestle, FBN Holdings, Guaranty Trust Holding Company, Nigerian Breweries and International Breweries made up the top five performers.
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