Stock Market Extends Losing Streak for Fourth Consecutive Session, Drops by N931bn
Kayode Tokede
The stock market section of the Nigerian Exchange Limited (NGX) yesterday extended its losing streak for the fourth consecutive trading day, as investors’ investment declined by N931 billion.
Sell pressures on Dangote Cement Plc that dropped by 10 per cent weighed down the NGX All-Share Index by 1.47 per cent to 102,095.95 basis points. As a result, the stock market Year-to-Date return settled at -0.8per cent.
Also, market capitalisation declined by N931 billion to close at N62.257 trillion.
Sectoral performance was mixed as the NGX Industrial Goods index depreciated by 4.7per cent and NGX Insurance index was down by 3.5 per cent while the NGX Consumer Goods added one per cent and NGX Oil & Gas Index appreciated by 0.2per cent. The NGX Banking index closed flat.
As measured by market breadth, market sentiment was negative, as 28 stocks gained relative to 39 losers. Dangote Sugar Refinery, SUNU Assurance and NASCON Allied Industries emerged the highest price gainer of 10 per cent each to close at N36.85, N6.71 and N38.50 respectively, per share.
Skyway Aviation Handling Company followed with a gain of 9.95 per cent to close at N33.15, while Austin Laz and Company advanced by 9.94 per cent to close at N1.99, per share.
On the other side, Dangote Cement and Universal Insurance led others on the losers’ chart with 10 per cent each to close at N387.90 and 63 kobo respectively, while John Holt followed with a decline of 9.99 per cent to close at N8.47, per share.
Transcorp Power lost 9.97 per cent to close at N324.00, while Omatek Ventures depreciated by 9.89 per cent to close at 82 kobo, per share.
The total volume traded declined by 14.79 per cent to 435.542 million units, valued at N9.442 billion, and exchanged in 12,098 deals. Transactions in the shares of Universal Insurance led the activity with 70.309 million shares worth N46.390 million. AIICO Insurance followed with account of 39.682 million shares valued at N67.511 million, while Access Holdings traded 16.841 million shares valued at N413.986 million.
Livestock Feeds traded 16.823 million shares worth N106.766 million, while Nigerian Breweries traded 16.195 million shares worth N518.152 million.
