Equities market extends losing streak by N7.03bn
By Temitope Adebayo
The equities market of the Nigerian Exchange Limited (NGX) on Wednesday extended its losing streak by N7.03billion, as the market capitalization closed at N28.65trillion compared to N28.66trillion recorded the previous trading session.
Specifically, the local bourse benchmark index lost 0.02 per cent to close at 52,599.65 points.
Statistics from the Exchange shows that bearish sentiment in MTNN (-0.43%), ACCESSCORP (-0.55%) and GEREGU (-5.90%) overturned the gains in Tier-1 banking names, GTCO (+1.25%) and STANBIC (+1.56%) causing the drag in the market.
As a result, the ASI’s year-to-date (YTD) return fell to 2.63per cent, while the market capitalization shed N7.03billion to close at N28.65trillion.
Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 44.22 per cent.
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A total of 119.84million shares valued at N2.69billion were exchanged in 3,552 deals. MBENEFIT (+6.06%) led the volume chart with 11.26million units traded while GEREGU (-5.90%) led the value chart in deals worth N3.20billion.
Market breadth closed positive at a 1.15-to-1 ratio with advancing issues outnumbering declining ones. OKOMUOIL (+9.76%) topped fourteen (14) others on the gainer’s table, while CORNERST (-6.90%) led twelve (12) others on the laggard’s log.
