NGX ASI extends losing streak as market cap down N111.74bn

NGX, market

By Motolani Oseni

The equities market of the Nigerian Exchange Limited (NGX) for the second successive session on Thursday, extended its losing streak as market capitalization depreciated by N111.74billion to close at N37.26trillion.

The local equities, also, ended lower as the benchmark Index tumbled by 0.30 per cent to settle at 68,082.11 points.

Bearish sentiment in industrial giant, DANGCEM (-1.35%) alongside NESTLE (-1.39%) and ZENITHBANK (-0.14%) drove the market’s weak performance outweighing gains in GTCO (+0.52%), ACCESSCORP (+0.87%), and FBNH (+1.11%).

Accordingly, the market remains on for a week of gain. As a result, the year-to-date (YTD) return fell to 32.84 per cent.

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Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 52.77 per cent.

Further breakdown, indicated that a total of 378.09 million shares valued at N8.38illion were exchanged in 8,106 deals. OANDO (-4.76%) led the volume chart with 91.64million units traded while NESTLE (-1.39%) led the value chart in deals worth N1.93billion.Market breadth closed negative at a 1.21-to-1 ratio, with declining issues outnumbering advancing ones. COURTVILLE (-7.69%) topped twenty-two (22) others on the laggard’s log, while CADBURY (+9.86%) led eighteen (18) others on the leader’s table.

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