NGX extends losing streak, sheds N289bn

The Nigerian Exchange extended its losing streak on Wednesday, shedding N289bn in market value as bearish sentiments persisted for the third consecutive trading session.

The benchmark All-Share Index declined by 0.44 per cent to close at 104,915.13 points, dragging the total market capitalisation to N65.8tn.

Investor participation surged despite the negative sentiment, with 1.37 billion shares traded in 12,012 deals, amounting to a turnover of N12.37bn. This represented a 290 per cent increase in trading volume, a 51 per cent rise in turnover, and a seven per cent uptick in the number of deals compared to the previous trading day.

Julius Berger Nigeria led the gainers’ chart, appreciating by 8.47 per cent to close at N137 per share, followed by Omatek Ventures, which rose by 6.15 per cent. UPDC and Wema Bank recorded gains of 2.69 per cent and 2.43 per cent, respectively.

On the losers’ table, Livestock Feeds suffered the highest decline, losing 10 per cent to close at N8.46 per share. E-Tranzact International shed 9.4 per cent, while Wapic Insurance and MRS Oil Nigeria fell by 9.27 per cent and 8.99 per cent, respectively.

In terms of market activity, Sovereign Trust Insurance recorded the highest volume of traded shares at 1.01 billion, followed by Fidelity Bank with 42.8 million shares. Access Holdings and Jaiz Bank traded 30.6 million and 24 million shares, respectively.

Across the sectoral indices, the Premium Index lost 0.49 per cent, while the Pension Index declined by 0.69 per cent. The Consumer Goods Index dipped marginally by 0.11 per cent, while the Industrial Index remained flat.

The PUNCH reported that the Nigerian Exchange continued its losing streak on Tuesday, shedding N265bn as weak investor sentiment persisted. This marks the second consecutive loss of the week, dragging market capitalisation down to N66.1tn from the previous day’s N66.3tn.