Trading on the Nigerian Exchange Limited (NGX) closed bearish on Wednesday to end three consecutive sessions of gain as the benchmark index lost 0.14 per cent to close at 53,193.98 basis points. The negative sentiment was largely a contribution by selloffs in Tier-1 banks, as FBN Holdings, Stanbic IBTC and United Bank for Africa were the primary drivers of the market’s weak performance as their respective shares declined by 5.50 per cent, 1.47 per cent and 0.64 per cent. Consequently, the monthto- date and year-to-date gains moderated to 0.4 per cent and 24.5 per cent respectively. Equities’ investors therefore lost N41.46 billion from their investment as market capitalisation closed at N28.68 trillion at the end of trading activities on Wednesday.
As measured by market breadth, market sentiment was also negative as 17 tickers lost relative to 15 gainers. On the performance board, Champion Breweries and Cornerstone Insurance topped the losers’ list after their respective share value dipped by 9.8 per per cent and 9.7 per cent, while Caverton and FTN Cocoa recorded the most significant gains of the day with 7.3 per cent and 5.9 per cent appreciation recorded against their share price.
Performance across subindices tracked was a mixed bag as the NGX Banking index and the NGX Insurance index fell by 0.86 per cent and 1.76 per cent respectively, while the NGX Consumer Goods index and the NGX Industrial index rose by 0.13 per cent and 0.03 per cent respectively. The NGX oil and gas index remained unchanged.