Stocks Market Extends Bearish Trend By N187bn

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday extended its bearish trend for the second trending day, as market capitalization shed N187billion.

The NGX data obtained yesterday showed that the loss was driven majorly by increased sell pressure in stocks like NGX Group Plc, Zenith Bank Plc, NPF Microfinance Bank Plc and Livestock Feeds Plc.

Analysis of the statistics indicated that the market decreased by 0.69percent while its year-to-date (YtD) positive return dipped further to 16.22 per cent.

At the close of the trading session, NGX Group led the decliners after its share price dropped from N21 to N20, down by N1 or 4.76per cent.

It was followed by Zenith Bank Plc which dropped from N21 to N20.25, down by 75kobo or 3.57percent; and NPF Microfinance Bank Plc which dipped from N1.66 to N1.53, losing 13kobo or 7.83percent.

The market’s All-Share Index (ASI) and capitalisation decreased further on Tuesday from the preceding day’s highs of 49,991.41 points and N26.964trillion respectively to 49,644.92 points and N26.777trillion.

Sterling Bank, Transcorp, Zenith Bank, GTCO and UBA were top-5 traded stocks as investors in 4,247 deals exchanged 138,991,046 shares valued at N2.725billion.