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Stock Market Extends Bearish Run With 0.05% Loss

Bearish sentiments took the centrestage of activities at the Nigerian Exchange Limited (NGX) Thursday, as its All-share Index (ASI) tumbled  0.05 percent at the close of trading activities extending the markets losing streak to five consecutive sessions. 

Consequently, investors’ wealth shrank N13.532 billion leaving the market capitalisation at N28.869 trillion from an opening value of N28.882 trillion to bring the market’s Year-to-date (ytd) gain to 3.4 percent. 

Investor’ sentiment as measured by market breadth was largely negative with 19 stocks depreciating in value while only 9 stocks gained. 

UPL emerged the biggest loser, down by a double digit 10.00 percent to close the day’s trade at N1.80 per share It was trailed by STERLINGNG which lost 7.50 per cent closing at N1.48 per share, while WAPIC shed 6.98 per cent and closed at N0.40 per share. 

Similarly, the value of ETERNA and FTNCOCOA depreciated by 5.98 per cent and 3.57 per cent to close at N5.50 and N0.27 per share respectively. 

On the green angle, AIICO was the best performing stock as its value increased by 5.26 per cent closing at N0.60 per share, followed by ACADEMY which gained 4.65 per cent closing at N1.35 per share while CHAMS went up by 4.35 per cent closing the day’s trade at N0.24 per share. 

UBA and CHAMPION also recorded narrow gains as they added 2.40 per cent and 2.00 per cent closing at N8.55 and N5.10 per share respectively. 

At the end of yesterday’s trading session on the local bourse, a total of 266.953 million units of shares corresponding to a market value of N1.929 billion were exchanged in 3,651 deals. Compared with the previous session, the data shows a 35 per cent improvement in volume, a 28 per cent decline in turnover, but a 4 per cent improvement in deals. 

The most active stock of the day was TRANSCORP trading 147.152 million units oof stocks with corresponding market value of N205.686 million, followed by ZENITHBANK which exchanged 19.107 million units of shares valued at N487.110 million. UBA also traded 18.019 units of shares valued at N152.385 million. 

Source: sunnewsonline