NGX Bearish Run Extends for the Third Day

Investors at the Nigerian Stock Exchange (NGX) finished the mid-week trading session in a red zone, leading to a three-day consecutive bearish run. Market capitalisation was down by N168 billion, as investors' profit-taking activities affected big stocks.

Due to profit-taking activities, market capitalisation closed at N58.948 trillion, down from N59.416 trillion, where it opened for the day. The decline was said to be 0.8% or N168 billion.

The NGX All-Share Index declined to 104,256.81 basis points yesterday from 105,085.25 basis points the stock market opened for this week, representing a decline of 828.44 basis points or 0.8%.

As measured by market breadth, investor sentiment closed positive as 29 stocks advanced, while 24 declined.

Top Gainers: NEM Insurance and CWG led the chart with 10% each to close at N8.80 and N6.05, respectively, followed by Juli, which gained 9.98% to close at N6.50 per share. Also, International Energy Insurance increased by 9.85% to close at N1.45, while Thomas Wyatt Nigeria appreciated by 9.55% to close at N2.18, per share.

Top Losers: Secure Electronic Technology and The Initiates Plc (TIP) led the chart with 10% each to close at 54 kobo and N2.16, respectively, while FBNH followed with a decline of 9.90% to close at N39.60 per share. Vitafoam Nigeria lost 9.88% to close at N19.15, while Berger Paints depreciated by 9.80% to close at N15.65 per share.

The total volume traded decreased marginally by 2.73% to 298.652 million units, valued at N6.841 billion, exchanged in 8,248 deals. Transactions in the shares of FBNH led the activity, with 37.807 million shares worth N1.573 billion. United Bank for Africa (UBA) followed, with 36.855 million shares valued at N954.382 million, while Access Holdings traded 28.087 million shares valued at N649.273 million.

Transcorp traded 21.573 million shares worth N322.628 million, while Fidelity Bank traded 19.814 million shares worth N200.457 million.

Recall that on Tuesday the Nigerian Stock Exchange (NGX) sustained a bearish end as losses were attributed to investors' profit-taking activities. This led to a decline in prices at MTN Nigeria Communications and 22 other companies, bringing market capitalisation down to N62 billion.

The Nigerian Exchange Limited All-Share Index (NGX ASI) dropped by 110.03 basis points or 0.11%, to close at 104,553.31 basis points from 104,663.34 basis points. Market capitalisation lost N62 billion to close at N59.116 trillion from N59.178 trillion when the stock market opened for trading.

Analysts at Afrinvest Limited said, "Tomorrow, we anticipate an extended bearish performance as the market remains short of a positive trigger."

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