Local Stock Market Reverses Gains As Investors Lose N12.3bn

Sentiments in the local bourse turned negative, as sell-offs of large caps triggered the market’s loss, leaving the All Share Index (ASI) with 0.1 per cent decline.

Specifically, Zenith Bank, Seplat and WAPCO losses affected the overall outing on Tuesday as their shares dipped by 0.7 per cent, 1.2 per cent and 0.9 per cent respectively.

Precisely, the ASI of the Nigerian Exchange Limited (NGX) declined by 0.1 per cent to 38,414.37 basis points.
Consequently, Investors earned N12.3 billion on Tuesday, as the market’s worth declined to N20.023 as against an opening of N20.034

Accordingly, Month-to-Date and Year-to-Date losses printed -0.1per cent and -4.6 per cent, respectively.
As measured by market breadth, market sentiment was flat, as an equal number of 17 tickers of recorded gains and declines.

On the performance chart, Morison, Wapic Insurance and WAPIC were the top gainers of the day with respective 9.9 per cent and 9.4 per cent appreciation, while Champion Breweries and John Holt recorded the most significant losses of the day with 9.9 per cent and 7.9 per cent decline.

Sectoral performance was broadly negative, as losses in the Oil and Gas, Consumer Goods, Banking and Industrial Goods indices reflected the overall market performance. The Insurance index was the lone gainer.

However, activities at the local bourse on Tuesday was robust as the total volume of trades increased by 36.2 per cent to 274.85 million units, valued at N2.63 billion, and exchanged in 4,159 deals.

United Capital was the most traded stock by volume at 23.97 million units, while Zenith Bank was the most traded stock by value at N470.70 million.

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