Investors Lose N25bn as Bearish Trade Keeps NGX in Red

Investors Lose N25bn as Bearish Trade Keeps NGX in Red

Equities investors in the Nigerian bourse see their net worth declined N25 billion on Wednesday amidst bear-bulls fight that roughens the stock market. Stock market performance closed negative for third trading session of the week in the red region, amidst low turnover, according to stockbrokers.

Consequent to the sell pressures, the Nigerian Exchange All-share index declined  by 9 basis points to peg 49,635.75 as against its previous close of 49,644.42. With poor buying sentiment seen in the week, year to-date performance of the All-Share Index 16.20% from 16.22% respectively. Market returns at the beginning of the week was 17.2%.

Overall, stock market capitalisation inched lower to N26.753 trillion, representing a 0.09% drop from the N26.778 trillion it stood at the end of the previous trading session, according to trading data released by the Nigerian Exchange. APT Securities & Funds Limited said in a market note that bears’ and bears’ camps wrangled over the market breadth with 16 counters apices in both the losers’ and gainers’ charts.

PZ gained 9.76% to become the best-performing stock in the session. It is flanked by NPFMCRFBK, UACN, ABCTRANS, and JAPAULGOLD as they populated the top five gainers’ chart. CHAMS, FCMB, MCNICHOLS, FTNCOCOA, and CORNERST populated the top five losers’ chart. READ: Investors Lose as Bear Returns to Stock Market

Market activity as measured by both volume and value of trades waned in the session with daily traded volume standing at 128.941 million units, representing a 7.23% drop from a volume of 138.991mn units traded in the previous session. Stock traders said value of those traded stocks hand dipped by 38.79% in the session to stand at N1.668bn as against a value of N2.725 billion recorded in the previous trading session.

The banking sector dominated the volume charts with STERLNBANK as the top traded stock by volume for the trading session. This is followed by ZENITHBANK, GTCO, ETI, and FIDELITYBK to complete the list of the five most traded stocks by volume.  With regard to the value of the traded stocks, MTNN took the lead of the top five performers, flanked by ZENITHBANK GTCO, ETI, and lastly WAPCO.

Trading Record

PZ led the gainers’ chart with 9.76 per cent, closing at N9 per share. NPF Microfinance Bank followed with an appreciation of 4.58 per cent to close N1.60 per share. UACN rose by 3.64 per cent to close at N11.40, while ABC Transport gained 3.57 per cent to close at 29k per share. Japaul Gold and Ventures gained by 3.45 per cent to close at 30 kobo per share.

Conversely, Chams led the losers’chat with a depreciation of 10 per cent to close at 27k per share. FCMB followed by dropping by 8.02 per cent to close at N3.21 per share, while MCNichols lost by 7.46 per cent to close at 62k per share.

FTN Cocoa declined by 6.67 per cent to close at 28k, while Conerstone shed 6.06 per cent to close at 62k per share. Sterling Bank recorded the highest volume of 26.85 million traded shares valued at N39.61 million.

Zenith Bank followed by selling 10.19 million shares worth N205.2 million, while Guaranty Trust Holding Company (GTCO) transacted 9.3 million shares valued at N184.48 million. Also, Ecobank Transnational Incorporated (ETI) traded 7.62 million shares valued at N83.75 million, while Fidelity Bank transacted 6.21 shares worth  N21.16 million.