NGX Extends Bearish Trend as Investors Lose N322bn
The Nigerian Stock Exchange on Tuesday sustained its bearish trend as investors retreated from select equities, leading to a total market value loss of N322bn. The Index closed 568.62 points lower at 140,929.60, representing a decline of 0.4 per cent.
The dip also translated to a one-week loss of 0.44 per cent and a four-week loss of 0.36 per cent, although the year-to-date gain remained at 36.92 per cent.
A total of 759,058,546 shares were traded in 23,639 deals, corresponding to a market turnover of N25,723,122,412.45. Compared with the previous trading session, the volume of shares traded improved 55 per cent, while turnover rose 88 per cent. However, the number of deals declined 17 per cent, reflecting selective investor participation.
Among the 128 equities that participated in trading, 16 stocks recorded gains while 35 equities closed lower.
Thomas Wyatt Nigeria led the gainers with a 9.8 per cent increase to close at N2.80 per share, followed by Chellarams, which rose 9.59 per cent to N16.00.
RT Briscoe gained 9.5 per cent to close at N3.92, while Custodian and Allied added 9.4 per cent to N48.30 per share.
On the losing side, Dangote Sugar Refinery recorded the steepest decline of 10 per cent, closing at N54.00 per share. Wema Bank followed with an 8.27 per cent drop to N18.85, while Secure Electronic Technology fell 6.25 per cent to N0.75. Access Holdings shed 4.98 per cent to N24.80, and Aradel declined 4.76 per cent to N560.00.
Consolidated Hallmark Holdings led trading by volume with 170 million shares exchanged, followed by Zenith Bank with 104 million shares. First HoldCo and Fidelity Bank recorded 101 million and 52.5 million shares traded, respectively. In terms of value, Zenith Bank topped the list at N6.91bn, followed by Guaranty Trust Holding Company Plc with N4.12bn, First HoldCo at N3.15bn, MTN at N1.61bn, and Presco at N1.24bn.
Meanwhile, key market indices also recorded declines. The Top 30 Index fell 0.47 per cent to close at 6,012.48, the Main Board Index dropped 0.47 per cent, and the Industrial Index fell 0.6 per cent. The Consumer Goods Index recorded a marginal decline of 0.11 per cent, while the Premium Index lost 0.28 per cent. The Pension Index fell 0.72 per cent, reflecting cautious sentiment in the market.
NGX opened the week on a bearish note as Nigerian Breweries and other major stocks dragged the market to a N220bn loss on Monday. The downturn reflected weak investor sentiment in the consumer and industrial goods sectors.