Local stock market reverses previous day’s gain as investors lose N30bn
Trading at the Nigerian Exchange Limited (NGX) on Thursday was bearish to reverse the previous day’s gain, leaving the benchmark index lower by 0.2 per cent.
Sell-offs of FBN Holdings’ and Wapco’s stocks largely contributed to the decline in the NGX’s All Share Index (ASI), after recording respective 1.3 per cent and 2.2 per cent losses in share value.
Precisely, the ASI closed 0.2 per cent lower at 38,911.31 basis points, with the Month-to-Date and Year-to-Date losses increasing to -0.8 per and -3.4 per cent, respectively.
Investors, therefore, lost N30 billion as the market’s worth settled at N20.27 trillion as against opening of N20.30 trillion.
As measured by market breadth, market sentiment was negative, as 16 tickers lost, relative to nine gainers.
On the performance board, Eterna Oil and SCOA recorded the most significant losses of the day having lost respective 9.4 per cent from their various share value, while Unity Bank and FTN Cocoa topped the gainers’ list having notched 9.6 per cent and 8.7 per cent to their respective shares.
Also, sectoral analysis reflected the overall market performance, as losses were recorded the Oil & Gas, Consumer Goods, Banking and Industrial Goods, leaving the Insurance index as the sole gainer today.
Activities at the local bourse on Thursday was tepid as the total volume of trades declined by 7.9per cent to 130.20 million units, valued at N1.43 billion, and exchanged in 2,962 deals.
Access Bank was the toast of investors as made the most traded stock by volume and value at 24.78 million units and N230.26 million, respectively.
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This post was written by Kehinde Akinseinde-Jayeoba – Lagos and was first published at tribuneonlineng.com