Bearish Trading Dips as Investors Lose N108bn

The Nigerian Exchange experienced a continued downtrend on Wednesday, resulting in a loss of N108bn as bearish sentiments dominated trading for the third consecutive day.

The All Share Index declined by 0.20 per cent, closing at 97,199.60 points and the market capitalisation dipped to N55.18tn.

The market year-to-date gain went down to 31.37 per cent, the month-to-date performance to – 0.54 per cent, and the week-to-date to -1.42 per cent.

A total of 315.3 million shares were exchanged in 8,365 deals worth N5.48bn, as trading activity declined, with a 47 per cent drop in volume, a 61 per cent reduction in turnover, and a 26 per cent decrease in the number of deals compared to the previous trading day.

Guinea Insurance led the gainers with a 10 per cent increase, closing at N0.44 per share.

It was closely followed by SFS Real Estate Investment Trust with a 9.96 per cent gain, Honeywell Flour Mill, and RT Briscoe, both recording a 9.87 per cent increase.

On the flip side, Oando and Cutix led the losers’ chart, with their share prices dropping by 9.95 per cent and 9.92 per cent, respectively.

Other losers included Academy Press (-8.70 per cent), Japaul Gold and Ventures (-7.89 per cent), and Red Star Express (-6.98 per cent).

The market breadth closed negative, with 25 equities declining against 22 that posted gains.

In total, 118 equities participated in trading, further reflecting the prevailing bearish sentiment.

Veritas Kapital Assurance recorded the highest volume of traded shares, with 38.4 million units changing hands, followed by Guaranty Trust Holding Company (36.3 million), Universal Insurance (23.2 million), and Oando (22.1 million).

Oando, Livestock Feeds, Cornerstone Insurance Company, and Linkage Assurance spurred the bourse to a 0.5 per cent loss on Tuesday.