Nigerian Exchange Slides after Better Weeks

Nigerian Exchange Slides after Better Weeks

The Nigerian equities market started the week’s trading with mixed sentiments as buying interest in BUAFOODS was offset by late selloffs of ZENITHBANK and GTCO. The decline followed weeks of gaining streaks in the domestic bourse.

Thus, the All-Share Index traded flat at 55,788.37 points while year to date gain moderated to +8.85%. Consequently, the equities segment of the Nigerian Exchange’s market capitalisation, which opened at N30.394 trillion, shed N3 billion to close at N30.391 trillion.

Detail from the Nigerian Exchange the All-Share Index (ASI) dropped by 6.14 points or 0.01per cent to close at 55,788.37 as against 55,794.51 recorded on Friday.

The downturn reported in the market was due to profit-taking in Tier-one banking stock, Zenith Bank and Guaranty Trust Holding Company, among others.

Universal Press recorded the highest gain to lead the table, growing by 9.89 per cent to close at N2 per share. Computer Warehouse Group rose by 7.69 per cent to close at 98k, while Multiverse Mining & Exploration gained by 5.04 per cent to close at N3.75 per share.

BUA Foods appreciated by 4.21 per cent to close at N99, while Regency Alliance Insurance increased by 3.45 per cent to close at 30k per share. Conversely, NGX Group led the losers’ chart, dropping by 9.72 per cent to close at 26 per share.

 NPF Microfinance Bank also recorded a decline to close at 26k, while Courteville Business Solution dropped by 6.25 per cent to close at N1.73 per share.

Linkage Assurances fell by 4.35 per cent to close at 44k per share. Similarly, the volume of shares traded depreciated by 35 per cent with an exchange of 129.03 million shares worth N2.56 billion exchanged in 4,296 deals.

A breakdown of the activity chart showed that NGX Group was investors’ delight, accounting for 38.15 million shares worth N994.55 billion. Naira Steadies as Banks Issue Update on FX Purchase

It was trailed by Transcorp with 19.73 million shares valued at N26.6 million, while Sterling Bank sold 15.89 million shares worth N23.08 million. Zenith Bank transacted 14.84 million shares valued at N374.26 million, while UBA traded 13.7 million shares worth N112.48 million.

The total volume traded declined by 32.4% to 179.03 million units, valued at N2.55 billion, and exchanged in 4,296 deals. NGXGROUP was the most traded stock by volume and value at 38.15 million units and N994.55 million, respectively.

Sectoral performance was mixed, as the Banking (-1.6%), Insurance (-0.7%), and Industrial Goods (-0.1%) indices declined, while the Oil & Gas index closed flat. The Consumer Goods (+1.8%) index was the sole gainer for the day. # Nigerian Exchange Slides after Better Weeks

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