Bearish trading on NGX enters sixth day

The negative trading pattern that commenced last week has been sustained into the new week as investors lost about N318bn on the Nigerian Exchange Limited.

In the past week, the Nigerian equities market returned to bearishness, as the NGXASI shed -2.03 percent week-on-week, driven by selloffs on Aradel (-25.75 percent) and some industrial goods tickers, such as BUA Cement (-11.09 percent).

The intensified sell-offs saw the All-Share Index drop by 0.54 per cent to 96,907.98 points. Also, the Market capitalisation to N58.72tn.

Despite the downturn, 17 stocks advanced while 30 declined.

Leading gainers included JohnHolt and United Bank for Africa, whose share value rose by to per cent each to close at N3.63 and N31.90, respectively. Other gainers include Eunisell and  Sterling Financial Holding Company and PZ which gained 9.96 per cent, 5.96 per cent and 4.55 per cent.

On the decliners chart were Caverton, Aradel, Oando, FTN Cocoa and Veritaskap whose share values declined by 10 per cent, 9.99 per cent, 9.98 per cent, 9.90 per cent, and 9.86 per cent.

Trading activity was strong with the number of deals and traded volume increasing by 17.98 per cent and 37.68 per cent, respectively, though trading value declined by 10.15 per cent. In total, 1,223.7 million shares were traded across 10,386 deals, amounting to N14.23bn in value.

Consolidated Hallmark Holdings Plc led in trading volume, with 567 million units valued at N822.5m across 23 deals.

Sectoral performance was mixed with the banking and consumer goods sectors rising by 1.13 per cent and 0.21 per cent, respectively, while the insurance and oil/gas sectors declined by 0.75 per cent and 0.16 per cent. The industrial goods sector stayed flat.