Nigerian stock market losses 0.94% value on Thursday

NGX Summary

• The Nigerian stock Market extended its bearish run for the fourth consecutive week, as the NGX All Share Index (ASI) fell by 0.94% w/w, to close 138,980.01 points. As a result, the year-to-date return moderated to 35.03% from the 36.31% in the prior week. Market capitalisation also shed N832.38bn w/w (-0.94% w/w), settling lower at N87.94trn.
• The market downturn was underpinned by broad-based selling pressure in notable stocks including WAPCO (-13.08% w/w), OANDO (-7.91% w/w), and DANGSUGAR (-5.17% w/w), which outweighed buying interest in TRANSCORP (+5.74% w/w), CORNERST (+12.36% w/w), and NASCON (+1.69% w/w).
• In today’s session, the market performance gained with the NGX ASI and market capitalisation up by 0.60%. Market activity was mixed, with transaction volume surged by 276.79% while value was down by 18.75%. SOVRENINS (+4.21%) led the trading activity with volume with 1.42bn units at N4.21bn worth of trades.
• Market breadth closed positive at 3.33x, reflecting more advancers than decliners. ELLAHLAKES (+10.00%) led the forty (40) gainers, while AUSTINLAZ (-9.75%) topped the twelve (12) laggards, and the remaining stocks closing flat.

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NASD Summary

• The NASD OTC Securities Index (NSI) and market capitalisation declined by 1.50% w/w, closing at 3,565.46 points and N2.13trn, respectively. 
• Market activity notably improved, as transaction volume and value rose by 35.89% and 884.27%, respectively. 
• SDFSTTRUSTMB (+3.23%) topped the market gainers, while SDAFRILAND (-4.47%) led the market losers.