Investors lose N49bn as stock market continues downward trend

The domestic bourse continued its downward trend on Tuesday as investors sold off banking, consumer and industrial stocks.

Consequently, Nigeria Exchange Ltd. (NGX) market capitalisation shed N49 billion or 0.09 per cent to close at N56.126 trillion, having opened at N56.175 trillion.

The All-Share Index also dropped 0.09 per cent or 87 points to close at 99,217.60, compared to 99,304.12 recorded on Monday.

As a result, the Year-To-Date (YTD) slipped to 32.69 per cent.

Sell pressures in Zenith Bank, United Bank For Africa (UBA), Access Corporation, Dangote Sugar, Honeywell Flour and Nigerian Breweries were the primary drivers of the market’s decline.

However, market breadth closed positive with 27 gainers and 23 losers on the floor of the Exchange.

On the gainers’ chart, Okomu Oil led with a 10 per cent gain to close at N291.50 per share.

John Holt trailed with a 9.79 per cent increase to close at N3.14, and Consolidated Hallmark Holdings gained 9.43 per cent to close at N1.74 per share.

Secure Electronic Technology Plc rose by 9.09 per cent to close at 60k, and Regency Alliance Insurance added 7.14 per cent to close at 45k per share.

Conversely, Oando led the losers’ chart, dropping 9.75 per cent to close at N12.50.

UPL followed with a 9.09 per cent decline to close at N2.50, and Academy lost 8 per cent to close at N1.84 per share.

Honeywell Flour declined by 7.94 per cent to close at N3.13, and UPDC Real Estate Investment Trust went down by 7.86 per cent to close at N1.29 per share.

Analysis of market activity showed that trade turnover settled 68.09 per cent lower than the previous session.

Investors traded 361.57 million shares valued at N6.16 billion in 8,511 transactions, compared to 973.62 million shares worth N19.32 billion in 9,941 deals posted in the previous session.

Transnational Corporation led the activity chart by volume with 47.51 million shares. GTCO followed with 37.85 million shares valued at N1.65 billion to lead the chart by value.

Veritas Kapital sold 34.95 million shares worth N31.38 million, FBN Holdings traded 27.40 million shares worth N548.26 million, and Access Corporation transacted 26.98 million shares worth N504.36 million.