NGX Index Climbs 0.01% as Bulls Struggle to Gain Momentum
The Nigerian Exchange (NGX) All-share index (ASI) climbed slightly by 0.01% on Thursday as bulls struggle to gain momentum in the local bourse amidst strong pre-earnings sell pressure.
The stock market closed higher, with the NGXASI and market capitalisation posting marginal gains of 0.01% to 247,707.13 points and N160.8 trillion, respectively.
Stockbrokers reported that gains in ARADEL (+7.14%), INTBREW (+4.74%) and FIRSTHOLDCO (+0.84%) offset losses in MTNN (-2.84%) and NASCON (-9.48%).
Specifically, the market index rose by +capitalisationints to close at 247,707.13, while market capitalization gained ₦21.74 billion to close at ₦160.83 trillion.
Total volume of trades and the total value of all shares traded declined by 8.94% and 46.45%, respectively. In a note, Atlass Portfolio Limited told investors that approximately 286.76 million units valued at ₦15,311.77 million were transacted across 30,247 deals.
UBA topped the volume chart, accounting for 12.80% of all shares transacted on the local bourse, followed by GTCO (6.70%), ACCESSCORP (5.98%), VFDGROUP (5.02%), and ZENITHBANK (4.34%).
GTCO topped the value chart, accounting for 16.05% of the transactions value executed in the local bourse, thereby making it the highest traded on the exchange.
MULTITREX and ZICHIS led the gainers chart, up by +10.00% each, trailed by AUSTINLAZ (+9.92%), CWG (+9.86%), OMATEK (+9.77%), LIVESTOCK (+9.73%), FTGINSURE (+8.57%), and nineteen others.
A total of twenty-four stocks depreciated. With a price depreciation of 9.95%, ENAMELWA topped the worst performers’ chart, followed by NASCON (-9.48%), THOMASWY (-6.38%), DAARCOMM (-6.37%), LEGENDINT (-5.80%), and ABBEYBANK (-5.00%).
Hence, the market breadth closed on a positive note, as there were 26 gainers and 24 losers.
Sectoral performance was generally positive in today’s session. The Oil & Gas (+2.64%) and Commodities (+1.91%) indices led the performance, both driven by gains in ARADEL (+7.14%).
The Banking (+0.23%) and Consumer Goods (+0.05%) indices closed out the positive performers, supported by gains in FIRSTHOLDCO (+0.84%) and INTBREW (+4.74%), respectively.
In contrast, the down Insurance (-0.21%) index was the sole decliner, weighed by losses in WAPIC (-4.00%). Meanwhile, the Industrial Goods Index closed flat.
Memory Chip Stocks Selloffs Drag Wall Street, European Markets Mixed
