Equities investors lose N289bn as bears persists at NGX

At the close of equities trading at the Nigerian Exchange (NGX) on Wednesday, the local stock market ended lower as the All-Share Index fell by 0.44 per cent to 104,915.13 basis points, bringing the year-to-date return to 1.93 per cent.

Market capitalisation also declined by 0.44 per cent to N65.79 trillion, reflecting a N288.9 billion loss in equities by the session’s end.

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Investor sentiment remained negative due to the overall market downturn, as evidenced by weak market breadth, with 13 gainers against 37 decliners.
Leading the advancers were Julius Berger, Omatek Ventures, UACN Property Development Company C, Wema Bank and Unilever Nigeria, while Livestock Feeds, eTranzact, Wapic Insurance, MRS Oil and May and Baker Nigeria led the losers.

Sectoral performance was predominantly negative, with the Banking, Insurance, Consumer Goods, Oil & Gas, and Commodity sectors declining…