FirstHoldco, FCMB Price Corrections Drag NGX Index South
Price corrections in First Holdco, FCMB, and other decliners dragged the Nigerian Exchange (NGX) All-share index (ASI) and market capitalisation southward on Friday, amidst earnings release.
The Nigerian equities market recorded modest losses and closed today’s trading session weaker as the benchmark All-Share Index (ASI) shed 9 basis points to close at 165,370.40 points.
The decline reflected continued uncertainties and price corrections on selected bellwether stocks. The market closed bearish due to losses in FIRSTHOLDCO, TANTALIZER, FCMB, CHAMPION, JAPAULGOLD, FIDELITYBK, TRANSCORP, ACCESSCORP, UBA and 22 other laggards.
As a result, the year-to-date return moderated to 6.27%. Sectoral performance was positive, with three of the five tracked indices closing high, one closed low, and the other closed flat.
The Insurance index led the gainers, up 1.70%, due to sustained interest in VERITASKAP, SUNUASSUR, MANSARD, SOVRENINS and INTENEGINS.
In tandem, the Consumer Goods index gained 0.10%, driven by NB and VITAFOAM, while the Oil & Gas index added 0.02% on the back of slight appreciations in OANDO and ARADEL.
On the flip side, the Banking index was the sole loser, declining by 0.78% as a result of price corrections in FIRSTHOLDCO, FCMB, JAIZBANK, FIDELITYBK, ACCESSCORP and UBA.
Meanwhile, the Industrial Goods index closed flat. Market activity was negative as traded volume and traded value depreciated by 0.58% and 2.51% to 687.39 million units and ₦14.98 billion.
The market breadth, which measures investor sentiment through the Gainers/Losers ratio, decreased to 1.05x from 1.52x as 33 stocks appreciated, 31 stocks depreciated, and 65 stocks closed flat. \FirstHoldco, FCMB Price Corrections Drag NGX Index South
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