Stock Market Extends Losing Streak As Investors Lose N614.3bn

The Nigerian Exchange Ltd. (NGX) yesterday extended the losing streak that it opened this week with, shedding N614.35 billion off the market capitalisation to close at N26.62 trillion compared with N27.23 trillion achieved on Monday.

The All-Share Index (ASI) dipped 1,139.02 points or 2.26 per cent to close at 49,350.71 against 50,489.73 posted on Monday.

Consequently, the Year-to-Date return dropped to 15.53 per cent.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are, Dangote Cement and MTN Nigeria.
Market breadth closed negative, with 16 gainers and 11 losers.

Prestige Insurance and NEM Insurance recorded the highest price in percentage terms, with a gain of 10 per cent each to close at 44k and N3.74 per share, respectively.

Ellah Lakes followed with a 9.78 per cent to close at N3.93 per share, while Multiverse Mining and Exploration gained 9.75 per cent to close at N2.06 per share.
Ikeja Hotel appreciated by 9.28 per cent to close at N1.06 per share.

Conversely, Conerstone Insurance led the losers’ chart with a loss of 9.33 per cent to close at 68 per share.
Dangote Cement followed with 9.06 per cent to close at N241, while Japaul Gold and Ventures depreciated by 8.11 per cent to close at 34k per share.
Sovereign Trust Insurance dropped 7.41 per cent to close at 25k, while Stanbic Bank lost 6.45 per cent to close at N29 per share.
Also, the total volume traded closed with an exchange of 140.61 million shares valued at N1.6 billion achieved in 3,895 deals.
Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 3.2 million shares valued at N8.95 million.
AIICO Insurance followed with 14.8 million shares worth N8.84 million, while Sterling Bank traded 14.3 million shares valued at N21.41 million.
Sovereign Trust Insurance sold 10.1 million shares worth N2.58 million, while Guaranty Trust Holding Company (GTCO) accounted for 7.85 million shares worth N160.97 million.