Sell pressure dips as investors lose N62.6bn

Equities trading at the Nigerian Exchange Limited (NGX) started the week on bearish note as sell pressures in BUA Cement led the benchmark index lower having dipped in share value by 2.8 per cent.

Consequently, the NGX All Share Index declined by 0.2 per cent to 65,210.49 basis points, with the Month-to-Date and Year-to-Date gains moderating to +1.4 per cent and +27.2 per cent, respectively.

Also, significant sell pressure was observed in major lenders such as FBN Holdings, ZenithBank, United Bank for Africa, Access Holdings and Guaranty Trust Holding Company, causing their respective share prices to recede by 3.68 per cent, 2.57 per cent, 1.39 per cent, 1.15 per cent and 0.79 per cent.

Equities investors, therefore, lost N62.55 (approximately N62.6) billion from their overall investment on Monday as the market capitalization settled at N35.51 trillion.

As measured by market breadth, market sentiment was negative, as 23 tickers lost relative to 21 gainers.

On the performance board, Eterna Oil and Sunu Assurance topped the loser’s list having depreciated in share value by 9.9 per cent and 9.6 per cent, respectively, while Cornerstone Insurance and Omatek recorded the highest gains of the day after their respective share prices appreciated by 9.3 per cent and 8.8 per cent.

Analysis of the sectoral performance indicated that three of the five sector indices demonstrated positive performance: the NGX Insurance, NGX Consumer Goods, and NGX Industrial indices rose by 0.80 per cent, 0.47 per cent, and 0.01 per cent, respectively.

Conversely, the NGX Banking and NGX Oil/Gas indices experienced declines of 1.13 per cent and 0.44 per cent, respectively.

Trading activities at the local bourse on Monday were subdued as analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.72 per cent.

A total of 259.04 million shares valued at N4.20 billion were exchanged in 5,899 deals.

Transnational Corporation led the volume chart with 41.76 million units traded while Guaranty Trust Holding Company led the value chart in deals worth N15.57 billion.

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