High cap stocks’ loss pulls market down by 0.12% as Investors lose N29bn

High cap stocks’ loss pulls market down by 0.12% as Investors lose N29bn

Equities trading at the Nigerian Exchange Limited (NGX) on Monday was bearish as negative outing by some high capitalised stocks pushed the market lower.

Specifically, the benchmark index dipped by 0.12 per cent to peg the All Share Index (ASI) at 44,399.66 basis points, bringing both the month-to-date and year-to-date outings to stand at 3.94 per cent.

Thus, Investors lost N29 billion in the session as the market capitalisation followed suit the direction of the ASI to stand at N23.922 trillion, a 0.12 per cent decrease from the N23.951 trillion it recorded at the end of rading session on Friday.

The overall negative sentiments at the local bourse on Monday was largely contributed by losses BUA Foods, Guaranty Trust Holding and Wapco as investors book profits from the stocks.

Market breadth also closed in favour of the bears with 22 counters in the losers’ chart pitted against 16 counters in the gainers’ chart.

TIP gained 10.00 per cent to become the best five performing stock in the session. It is flanked by Sunu Assurance, Eterna, Wapic Insurance and CHI Plc to complete the list of the top five gainers.

From the rear of the chart, Veritas Kapital shed the most weight to lead the laggards’ chart, flanked by Mutual Benefits, Cornerstone Insurance, BUA Foods and Courtville to complete the top losers’ chart.

Meanwhile, All sectoral indices closed in green direction aside from NGX Banking and NGX Insurance that lost 0.08 per cent and 0.19 per cent respectively, while NGX ASEM closed flat.

Market activity as measured by both volume and value shed weight in the session with daily traded volume standing at 214 million units, representing a 47.18 per cent decrease from a volume of 406 million units traded in the previous session.

The value of traded stocks waned by 72.64 per cent in the session to stand at N2.689 billion as against a value of N9.828 billion recorded in the previous trading session.

Transnational Corporation dominated the volume charts as the top traded stock by volume for the trading session. This is followed by FBN Holdings, Guaranty Trust Holding Company (GTCO), Zenith Bank and Fidelity Bank to complete the list of the five most traded stocks by volume.With regards to the value of traded stocks, GTCO took the lead of the top five performers. It is flanked by Zenith Bank, FBN Holdings, Nigerian Breweries and MTN Nigeria. YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE Claim: A […]

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