NGX Extends Weekly Loss By N601.29bn w/w

Samuel Mobolaji

The equities market of the Nigerian Exchange Limited (NGX) at the end of last week’s trading activities extended its losing streaks by N601.29billion Week on Week (w/w).

Specifically, the market capitalization shed N601.29billion w/w to close at N28.27trillion, while the All-Share Index (ASI) closed 0.10 per cent lower, to close at 51,893.94 points – the lowest level since 11 January.

Selloffs in ZENITHBANK (-0.20%), FBNH (-4.13%) and STANBIC (-3.09%) drove the market’s overall weak performance. Having lost in all trading sessions this week, the ASI closed 2.08 per cent lower w/w.

Over the course of the week, losses in AIRTELAFRI (-10.00% w/w), ZENITHBANK (-1.96% w/w) and WAPCO (-7.75% w/w) offset gains in INTBREW (+11.11%) keeping the market’s overall performance in the red.

Consequently, the year-to-date (YTD) return fell to 1.25 per cent. Analysis of the last trading day’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 16.77 per cent.

A total of 541.98m shares valued at N2.36billion were exchanged in 3,766 deals. CHAMS (+0.00%) led the volume chart with 293.14m units traded, while UBA (+0.59%) led the value chart in deals worth N798.65million.

Market breadth closed positive at a 1.30-to-1 ratio with advancing issues outnumbering declining ones. TRANSCORP (+9.74%) topped twelve (12) others on the leader’s table while CADBURY (-9.73%) topped nine (9) others on the laggard’s log.