NGX extends losses as equities market sheds N781bn amid sell pressure

The bearish momentum persisted on the floor of Nigerian Exchange on Thursday, extending its decline by N781 billion, as sustained selling pressure continued in the major stocks in the market.

Market capitalisation of listed equities decreased by 0.87 per cent to N88.783 trillion from N89.564 trillion reported the previous day.

The NGX All Share Index also depreciated by 1233.86 basis points to 140332.44 points from 141566.30 points traded the previous day.

Market activity showed mixed sentiment as volume of transactions declined by 148.068 million, representing 20.51 per cent to 573.749 points from 721.817 million traded the previous day, the valued of trades went down by 0.46 per cent to N12.876 billion for the market to close in 25881 deals.

The negative performance was driven by losses in the shares of BuaCement , MTN Nigeria, Access Holdings, Julius Berger, UPL, Stanbic and 39 others companies.

The market breadth was negative with 16 gainers against 45 losers, reflecting investors strong profit-taking, bringing year to date return to 36.34 points.

A review of the trading during the day showed that SFS REITs led gainers table with 9.99 per cent to close at N274.15 per unit, Jaiz Bank followed with a gain of 9.75 per cent to close at N4.39 per share, NSL Tech gained 9.38 per cent to N1.05 per unit, Omatek added 5.88 per cent to close at N1.44 per unit while Chams gained 5.00 per cent to close at N2.73 per share.

On the contrary, International General Insurance and Thomas Way shed 10 per cent each to close at N3.24 and N3.33 per unit respectively, Veritas Kapital and UPL also down by 10 per cent each to close respectively bat N1.80 and N6.30 per unit. Bua Cement depreciated by 9.96 per cent to close at N151.80 per share.

Transactions in the shares of Fidelity Bank led market activities with 96.067 million shares valued at N1.991 billion, Veritas Kapital followed with account of 36.602 million shares valued at N661.171 million, Universal insurance traded 32.932 million shares cost N36.957 million, Access Holdings company sold a total of 30.331 million shares valued at N819.078 million while Jaiz Bank exchanged 21.156 million shares worth N92.135 million.