A record negative close at the Nigerian Exchange (NGX) Limited on Tuesday endorses market watchers earlier views of persisting weak sentiment on the Bourse despite positive start to new week.
The drift back into the red zone was fueled by stocks like Champion Breweries Plc which decreased most, from N2.12 to N1.91, after shedding 21kobo or 9.91percent, as well as Africa Prudential Plc which moved from day-open high of N6.20 to N5.75, losing 45kobo or 7.26percent.
Record gains in stocks like Morison and Wapic Insurance could not reverse the move into the red zone. Morison increased from 94kobo to N1.03, adding 9kobo or 9.57percent, while Wapic rose from 53kobo to 58kobo, adding 5kobo or 9.43percent.
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Lagos-based analysts at Vetiva who foresee another mixed session on Wednesday as investors continue to bide their time in the equity market said they expect market turnover to remain sluggish, “given the lack of suitable catalysts to boost activity”.
At the close of trading session, the Nigerian Exchange (NGX) Limited All Share Index (ASI) and market capitalisation decreased from day-open highs of 38,437.88 points and N20.034trillion respectively to 38,414.37 points and N20.022trillion. The market’s year-to-date (ytd) negative return has increased to -4.61percent.
In 4,159 deals, investors exchanged 274,852,026 units valued at N2.632 billion. United Capital Plc, Eterna Plc, Zenith Bank Plc and Transcorp Plc were actively traded stocks on the NGX Limited.
