Business and Economy

Stock Market Update: NGX All-Share Index declines by 0.09% on Thursday

Today, the bears dominated the domestic bourse as the NGX All-Share Index (ASI) fell by 0.09% to settle at 44,011.22 points. The market’s weak performance was primarily driven by selloffs in Tier-1 banks, ZENITHBANK (-2.29%), GTCO (-1.55%) and ACCESSCORP (-0.60%). Nevertheless, the market remains on track for another weekly loss. Consequently, the ASI’s year-to-date (YTD) return fell to 3.03% and the market capitalisation lost ₦21.37bn to close at ₦23.97trn..

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 70.36%. A total of 97.70m shares valued at ₦847.88m were exchanged in 2,980 deals. TRANSCORP (+0.00%) led the volume chart with 10.65m units traded while GTCO (-1.55%) led the value chart in deals worth ₦134.00m.

Market breadth closed negative at a 1.5-to-1 ratio with declining issues outnumbering advancing ones. GUINNESS (-9.97%) topped seventeen (17) others on the laggard’s table, while UNILEVER (+10.00%) led eleven (11) others on the gainer’s log.

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