NGX: Bearish sentiment persists, indices down 0.69%

Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Tuesday, April 2, 2019. The International Monetary Fund said Nigerias economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates. Photographer: Ruth McDowell/Bloomberg via Getty Images
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By Olawunmi Ashafa

Lagos, Sept. 6, 2022 Transactions on the trading floor of the Nigerian Exchange Ltd., (NGX) remained bearish on Tuesday, with market capitalisation losing N186 billion or 0.69 per cent to close at N26.778 trillion against N26.964 trillion recorded on Monday.

Also, the All-Share Index dropped by 346.49 points or 0.69 per cent to close at 49,644.92 compared with 49,991.41 posted on Monday.

The market recorded an overall Year-to-Date(YTD) gain of 16.22 per cent.

Market breadth closed positive with 11 stocks gaining, while 18 stocks declined.

Unilever led the gainers’ table during the day, gaining by 9.43 per cent to close at N13.35 per share.

Cap followed with a gain of 7.58 per cent to close at N17.75, while Chams grew by 7.14 per cent to close at 30k per share.

Sterling Bank appreciated by 5.48 per cent to close at N1.54 and Sovereign Insurance rose by 3.7 per cent to close at 28k per share.

On the other hand, NPF Microfinance Bank topped the losers’ chart, depreciating by 7.83 per cent to close at N1.53 per share.

Regency Alliance Insurance trailed with a loss of 7.69 per cent to close at 24k, while Livestock Feeds declined by 5.6 per cent to close at N1.18 per share.

NGX Group was down by 4.76 per cent to close at N20, while Zenith Bank lost by 3.57 per cent to close at N20.25 per share.

Investors traded a total of 138.99 million shares valued at N2.73 billion in 4,247 deals, representing 31 per cent decrease in volume.

This was against the 154.290 million shares worth N2.70 billion exchanged in 3,751 deals the previous day.

Sterling Bank was the most active stock, exchanging 18.3 million shares worth N27.41 million.

Transcorp Nigeria followed with an account of 13.23 million shares valued at N14.03 million, while Zenith Bank traded 12.5 million shares worth N257.86 million.

Guaranty Trust Holding Company (GTCO) sold 9.2 million shares valued at N183.08 million, while United Bank for Africa(UBA) exchanged 7.72 million shares worth N55.15 million.