The equities market continued its bearish trend on Wednesday as investors’ three days loss rose to N241.27bn from N30bn loss on Monday.
The equities market of the Nigerian Exchange Limited had
declined by N30bn at the end of trading on Monday.
The All-Share Index of the Nigerian Exchange Limited fell to
49,599.73 basis points on Wednesday from 49,991.41 basis points on Monday,
while the market capitalisation fell to N26.753tn from N26.964tn.
At the end of trading on Wednesday, 17 firms recorded share
price appreciation while the share prices of 16 firms declined.
A total of 128.94 million shares valued at N 1.67bn were
traded by investors in 3,426 deals at the end of trading on the floor of the
NGX on Wednesday.
Analysts at Coronation Research said, “Today, activities on
the local bourse ended mixed, albeit with a bearish tilt as the benchmark index
lost 0.02 per cent to close at 49,635.76 points, the lowest level since 24
August.”
It added that analysis of Wednesday’s market activities
showed trade turnover settled lower relative to the previous session, with the
value of transactions reducing by 38.79 per cent.
According to analysts at Cordros Securities, “Trading in the
local bourse remained bearish as investors took profits off FCMB (-8.0 per cent) stock. Thus, the
All-Share Index shed 2bps to close at 49,635.76 points.
Consequently, the month-to-date and year-to-date returns
were unchanged at -0.4 per cent and +16.2 per cent, respectively.”
Analysts at Greenwich Merchant Bank said, “The equity market
closed Wednesday on a bearish note as the NGX-ASI and market capitalisation
declined by 0.09 per cent.
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