At the Nigerian Exchange Limited, on Thursday, the domestic bourse sustained the losing streak for the third consecutive session, bringing down the benchmark Index by 0.69 per cent to close at 52,411.09 basis points.
The weak performance was driven by selloffs in index heavyweights, Airtel Africa and BUA Foods, having lost 1.19 per cent and 9.97 per cent from their respective share prices.
In addition, the continued decline in the value of some Tier-1 banks, Zenith Bank, Guaranty Trust Holding Company (GTCO) and United Bank for Africa, offset gains in FBN Holdings, thus dragging down the market.
Consequently, the Month-to-Date loss increased to -1.1 per cent, while the Year-to-Date return moderated to +22.7 per cent.
Equities investors, therefore, further lost N196.40 billion as the market capitalisation settled at N28.23 trillion at the end of the day trading session.
As measured by market breadth, market sentiment was negative as 22 tickers lost relative to 10 gainers. Conoil and BUA Foods topped the losers’ list after their respective hare values dipped by 10.0 per cent, while Linkage Assurance and Courtville recorded the highest gains of the day having appreciated their hare values by 9.8 per cent and 8.0 per cent.
Amid sustained bearish mood in the equities market, most of the sub-sector indices closed red, especially the NGX Oil/Gas index which decreased by 0.63 per cent. Also, the NGX Banking index, NGX Insurance index and the NGX Industrial index fell by 0.62 per cent, 0.28 per cent and 0.01 per cent respectively. The NGX Consumer Goods index was the only exemption as it marginally rose by 0.01 per cent.
However, market activities for the day showed that trade turnover settled higher relative to the previous session, with the value of transactions increasing slightly by 0.09 per cent.
A total of 211.61 million units of shares valued at N2.37 billion were exchanged in 4,750 deals.
Sterling Bank led the volume chart with 63.66 million units traded while Zenith Bank led the value chart in deals worth N382.57 million.
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NGX posts 3rd-day loss… NGX posts 3rd-day loss…
and then