Bearish run deepens as investors lose N475bn on NGX

The Nigerian equities market closed the week on a downward trend, as investors portfolios declined by N475 billion.

This represented the fourth consecutive bearish session of the week.

The decline was driven by continued profit-taking in heavyweight stocks.

The market capitalisation, which opened at N124.238 trillion, closed at N123.763 trillion, representing a decline of 0.38 per cent or N475 billion.

The All-Share Index also fell by 0.38 per cent, or 741.03 points, to close at 192,826.78, down from the previous session’s 193,567.81.

The Year-to-date (YTD) return dropped to 23.91 per cent.

However, the market breadth closed positive with 39 gainers and 25 losers.

Sovereign Trust Insurance led the gainers’s chart by 9.95 per cent, finishing at N2.21, RT Briscoe trailed by 9.93 per cent, closing at N12.51 while NGX Group increased by 9.78 per cent, ending the session at N124 per share.

Similarly, Ellah Lakes and Omatek gained by 9.70 per cent each, settling at N13 and N2.60 per share respectively.

On the flip side, Mecure led the losers’ chart by 9.97 per cent, ending the session at N75.85, Meyer followed by 9.90 per cent, closing at N18.65 and Daar Communications shed by 9.83 per cent, settling at N2.11 per share.

Champion Breweries dipped by 6.49 per cent, finishing at N18 while Dangote Cement fell by 6.09 per cent, closing at N779 per share.

Market activity was down for the day, with total volume traded down 5.15 per cent to 823.83 million traded shares, valued at N34.75 billion across 63,759 transactions.

Meanwhile, Fortis Global Insurance recorded the highest volume with 146.62 million shares traded, accounting for 17.80 per cent of the day’s total volume.

Aradel recorded the highest value at N7.14 billion, accounting for 20.54 per cent of value traded for the day.