NGX Sustains Bearish Trend, Sheds N674.53bn

Samuel Mobolaji

The equities market of the Nigerian Exchange Limited (NGX) on last trading day of the week, maintained a bearish trend as the market capitalization shed N674.53billion week on week (w/w) to close at N28.87trillion.

At the close of the Thursday trading session, the local bourse, also, sustained the bearish trend as the All-Share Index (ASI) declined by 0.05 per cent to close at 52,994.13 points.

Selloffs in GTCO (-1.21%), WAPCO (-0.77%), and ACCESSCORP (-0.56%) offset the gains in FBNH (+0.91%), UBA (+2.40%) and OANDO (+0.71%) keeping the market’s overall performance in the red.

Having lost in all trading sessions this week, the ASI closed 2.61 per cent lower w/w.

Over the course of the week, AIRTELAFRI (-10.00% w/w), ZENITHBANK (-1.35% w/w) and GTCO (-4.31% w/w) were the major drags on the broader index.

Consequently, the year-to-date (YTD) return fell to 3.40 per cent.

Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 27.88 per cent.

A total of 266.95million shares valued at N1.93billion were exchanged in 3,651 deals. TRANSCORP (-0.72%) led the volume chart with 147.15million units traded, while ZENITHBANK (+0.00%) led the value chart in deals worth N487.11million.

Market breadth closed negative at a 1.67-to-1 ratio with declining issues outnumbering advancing ones.

UPL (-10.00%) topped fourteen (14) others on the laggard’s log, while AIICO (+5.26%) led eight (8) others on the leader’s table.