NGX Extends Losing Streak To 6th Successive Session, Down N569.12bn

Samuel Mobolaji

For the sixth straight session on Tuesday, the equities market of the Nigerian Exchange Limited (NGX) was down by a whopping N569.12 billion.

Opening the week, the bears continued to dominate the Lagos bourse as the benchmark index ASI’s gave up 1.96 per cent to close at 51,952.99 points, while the market capitalization shed N569.12billion to close at N28.30trillion

The sell-off in index heavyweight, AIRTELAFRI (-10.00%) was the major drag on the overall market’s performance. As a result, the year-to-date (YTD) return dipped to 1.37 per cent.

Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 148.31 per cent

A total of 1.72 billion shares valued at N4.79 billion were exchanged in 4,286 deals. TRANSCORP (+2.19%) led the volume and value charts with 1.55bn units traded in deals worth N2.10 billion.

Market breadth closed negative at an 11.00-to-1 ratio with declining issues outnumbering advancing ones. AIRTELAFRI (-10.00%) topped twenty-one (21) others on the laggard’s log, while NAHCO (+3.06%) topped TRANSCORP (+2.19%) on the leader’s table.