NGX: Bears sustain grip on bourse as sell pressure intensifies

Equity trading on the floor of the Nigerian Exchange Limited (NGX) witnessed another drop in share prices as bears sustained their grip on the local bourse following low market sentiment.

Consequently, the NGX-All-Share Index dipped 34.06 basis points or 0.07% to close at 49.642.69 index points as against 49.676.75 recorded the previous trading session while market capitalisation of equities depreciated by N19 billion from N26.794 trillion the previous day to N26.775 trillion as market sentiment remained on the negative territory.

Meanwhile, a turnover of 125.94 million shares exchanged in 4,145 deals recorded in the day’s trading.

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Insurance sub-sector was the most active (measured by turnover volume); with 41.55 million shares exchanged by investors in 291deals.

Volume in the sub-sector was largely driven by activities in the shares of Mutual Benefit Insurance Plc and Consolidated Hallmark Insurance.

Also, the premium sub-sector was boosted by the activities in the shares of Access Holdings Plc and FBNH Plc followed by a turnover of 38.67 million shares in 1,307 deals.

The market breadth closed flat with 13 losers and 13 gainers apiece. Etransact Plc led gainers with 9.65% while Courtiville Business Solutions Plc led the loser with a 7.69% gain.