Trading on the Nigerian Exchange (NGX) on Wednesday sustained bearish trend as most of the blue chip stocks, particularly DANGCEM, ZENITHBANK and NB declined in prices, pushing the market capitalization down by 0.09% to close at N125.75 trillion.
Consequently, investors’ wealth fell by N107.58 billion just as the market breadth closed negative at 0.73x, with 29 gainers compared with 40 losers, reflecting the dominance of sell-side pressure across the market.
Data from the Nigerian Exchange Group on the day’s trading trend showed that trading activity was relatively slower compared to the previous trading day’s even as total volume traded declined by 10.12% to 671.26 million shares, and the market turnover fell by 6.20% to N26.12 billion.
Similarly, the NGX data reflected that the total number of deals on the Nigerian equities market dropped by 9.92%, closing at 58,784 transactions, indicating a slight slowdown in investor participation during the session.
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A further analysis of the performance of the Exchange showed that sectoral performance was mixed during the trading session.
According to the report, the Industrial Goods Index emerged as the strongest performer, gaining 1.42%, due to gains by major cement stocks such as BUACEMENT and WAPCO while the Banking Index recorde a marginal gain of 0.04%, as WEMABANK and GTCO stock prices slightly rose.
Conversely, the Consumer Goods Index declined by 0.43% due to losses in NB, the Insurance Index shed 0.44% just as losses in OANDO and ETERNA depreciated the Oil & Gas Index slightly by 0.06%.
