Investors Lose N20.36 Billion Following Equity Market Negative Breadth 

The NGX equity market reversed slightly the gains it recorded some days ago as negative sentiment from investors saw off a massive sell-off of shares of NESTLE (-7.81%) and DANGCEM (-0.38%). As a result, the all-share index fell by 0.09% from its’ previous session position of 43,897.13 basis points to close at 43,859.30 basis points.

Consequently, the all-share index figure of 43,859.30 basis points declined by 37.83 bps from the 52-week highest resistance point of 43,897.13 bps.

Accordingly, the Week-to-Date (W-t-D), Month-to-Date (M-t-D), and Year-to-Date (Y-t-D) gains all moderated at +0.01%, +2.68%, +2.68% respectively.

The downward trend of the volume and value aspects of trade continued yesterday, as the total volume of trade decreased by 5.4% to 294.54 million units, as against its previous session figure of 311.3 million units traded. These shares’ values, which decreased by 21.68%, were worth NGN6.77 billion and exchanged in 4,501 deals as against NGN8.6 billion traded previously.

As a result of the traders’ exhaustion witnessed yesterday, the equity market capitalization lost NGN20.38 billion to close at NGN23,630.58 trillion, as against the previous session day gain that saw it close position of NGN23,650.96 trillion.

Despite, the all-share index decline, BUAFOODS' shares (+9.96%) continued to be the most valuable in the NGX equity market as they recorded a volume unit of 101.4 million units traded valued at NGN5.9 billion.

TRANSCORP was the most traded stock by volume at 58.36 million units, while BUAFOODS was the most traded stock by value at NGN3.32 billion.

Other notable mention was SEPLAT with N596.92 million and STANBIC with N381.5 million.

Finally, as measured by market breadth, market sentiment was negative, as 26 companies’ stocks lost relative to 17 gainers.

The most gains were made by BUAFOODS (+10.00%), which closed trading at NGN64.35/unit, ETERNA (+5.1%), which closed trading at NGN5.57/unit, and UBN (+4.63%), which closed trading at NGN5.65/unit, while MBENEFIT (-10.00%), which closed trading at NGN0.27/unit, BERGER (-9.94%) which closed trading at NGN7.70/unit, UPDCREIT (-8.14%) which closed trading at NGN3.95/unit, NESTLE (-7.81%) which closed trading at NGN1435.50/unit, and UNITYBNK (-6.12%), which closed trading at NGN0.46/unit, suffered the most losses.