Nigeria Stock Market Falls on Bellwethers Weak Performance

 

Nigerian Exchange Limited (NGX) on Tuesday extended the previous day’s negative outing, largely occasioned by the negative outing of high capitalised stocks.

The All Share Index (ASI) dipped by 69 basis points to further drag the AASI to 49,644.42 bps as against its previous close of 49,991.41 bps.

This negative trade dragged both the month-to-date and year-to-date performance of the All-Share Index to -0.38 per cent and 16.22 per cent from their previous close of 0.31 per cent and 17.03 per cent respectively.

Equities investors, therefore, lost N186 billion as the market capitalisation followed suit the direction of the ASI to stand at N26.778 trillion, representing a 0.69 per cent decrease from the N26.964 trillion it stood at the end of the previous trading session.

Also, the bears’ camp maintained dominance over the market breadth with 18 counters in the losers’ chart pitted against 11 counters in the gainers’ chart.

Unilever Nigeria gained 9.43 per cent to become the best-performing stock in the session, flanked by CAP, Chams, Sterling Bank, and Sovereign Insurance as they populated the top five gainers’ chart. From the rear of the chart NPF Microfinance Bank, Regal Insurance, Livestock, NGX Group, and Zenith Bank populated the top five losers’ chart.

Key sectoral indices closed in the same direction as the ASI, save NGX Consumer Goods and NGX Industry sectors which gained 0.16 per cent and 0.04 per cent respectively, while NGX Growth and NGX ASEM sectors closed flat.

Market activity as measured by volume of trades waned in the session with daily traded volume standing at 138.991 million units, representing a 30.82 per cent downtick from a volume of 200.920 million units traded in the previous session.

The value of those traded stocks on the other hand inched up by 88.50 per cent in the session to stand at N2.725 billion as against a value of N1.446 billion recorded in the previous trading session.

The banking sector dominated the volume charts with Sterling Bank as the top traded stock by volume for the trading session. This is followed by Transcorp, Zenith Bank, GTCO, and United Bank for Africa to complete the list of the five most traded stocks by volume.

With regard to the value of the traded stocks, MTN Nigeria took the lead among the top five performers. It is flanked by Airtel Africa, Zenith Bank, Seplat Energies and GTCO.

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