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Nigeria’s local stock market slips another 2.26% as ASI settles below 50,000 basis points

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The bears maintained a stranglehold on the Nigerian Exchange Limited (NGX) business to extend the negative exit into the second session of the week.

Markets’ weak performance on Tuesday was mainly due to sell-offs in index heavyweights Dangote Cement and MTN Nigeria, which lost 9.05% and 4.29% of their respective share values.

The All Share Index (ASI) thus plunged further to 49,350.71 basis points against its previous close of 50,489.73 basis points.

The exit set month-to-date and year-to-date performance at -2.02% and 15.53% from their previous close of 0.24% and 18.20% respectively.

The market capitalization followed the direction of the ASI to stand at 26.619 trillion naira, down 2.26% from 27.233 trillion naira at the end of the previous trading session, the net worth of investors having decreased by 614 billion naira in the session.

The Bears side dominated the market spread with 16 counters in the losers’ board against 12 counters in the winners’ board.

NEM gained 10.00% to become the best performing stock of the session, flanked by Preatige Insurance, Ellah Lakes, Multiverse and Ikeja Hotel as they made up the top five winners. At the back of the table, Cornerstone, Dangote Cement, Japaul Gold, Sovereign Insurance and Stanbic filled out the top five losers table.

The main sector indices closed in the same direction as the ASI, except for the NGX Banking and NGX Insurance sectors which gained 0.60% and 0.24% respectively, while the NGX Growth and NGX ASEM sectors gained firm.

Market activity, measured by both trade volume and value, declined during the session, with daily traded volume standing at 140.610 million units, down 32.14% from compared to the volume of 207.196 million units traded in the previous session.

The value of these traded shares fell slightly by 24.50% during the session to 1.600 billion naira from a value of 2.119 billion naira recorded in the previous trading session.

Japaul Gold topped the volume charts as the most traded stock by volume for the trading session. This is followed by AIICO Insurance, Sterling Bank, Sovereign Insurance and Guaranty Trust Holding Company (GTCO), to complete the list of the five most traded stocks by volume.

Regarding the value of shares traded, Seplat Energies tops the five best performers. He was flanked by MTN Nigeria, GTCO, Zenith Bank and Dangote Cement.

Copyright 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).

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2/ https://www.zawya.com/en/markets/equities/nigerias-local-stock-market-slips-further-by-226-as-asi-settles-below-50-000bps-teh8lc76

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