Equity Market Opens Negatively, Investors Lose N90bn

After two days of public holiday, the equity market opened this week’s trading session with bearish sentiments, losing N90 billion or 0.32 percent.

The NGX All Share Index and the Market Capitalization both closed in the negative by 0.32% to settle at 51,390.25 points and N27.71 trillion respectively.

Investors’ sentiment as measured by market breadth was negative at 0.44x, with 11 stocks closing in the positive and 25 stocks closing in the negative. The year-to-date (YTD) return moved to 20.31%.

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Market performance in terms of total volume and value of deals were positive. Total volume traded increased by 72.69% to 198.82 million units while the value of transactions increased by 22.65% to N2.18bn.

GTCO shares were the most actively traded as the volume printed at 51.89m units, followed by Japaul Gold with 21.91m units and United Bank for Africa, UBA with 19.65m units.

GTCO also led the value chart with N1.06bn followed by UBA with N147.68m and Presco Plc with N107.67m.

Computer Warehouse Group topped the gainers list for the day increasing by 10% followed by Caverton Offshore Support Group and Academy Press both appreciating by 9.84% and 9.52% respectively.

On the flip side, Multiverse Mining and Exploration led the losers’ chart depreciating by 10% followed by Red Star Express and CUTIX declining by 9.82% and 8.33% respectively.

The banking and Consumer Goods Index led the sector performance with a positive change of 0.5% and 0.31% respectively while the Industrial Goods, Insurance and Oil & Gas index had negative change of 0.01%, 2.96% and 0.04% respectively

Additionally, the Parthian Partners Limited analysts have predicted that the bearish trend will continue at today’s trading session as investor sentiments remain weak.