Stocks succumb to market pressure to lose 0.40% on Thursday
- Today, the Nigerian stock market’s NGX ASI and market capitalisation reversed gains by 0.40% to close at 120,772.68 points and N76.45trn respectively. This bearish performance brought the ASI year-to-date to 17.38% from 17.81%.
- This performance was driven by strong selling interest in OANDO (-9.96%), NAHCO(-9.99%) and BUAFOODS(-6.46%). These losses outnumbered gains in UNILEVER(+10.00%), BUACEMENT (+5.90%), and ZENITH (+0.52%).
- However, the market activity was mixed as total trading volume increased by 3.63%, while the value of transactions witnessed a sharp decrease of 30.37%. The number of deals executed increased by 10.83%. ELLAHLAKES (-3.95%) led the volume chart with 113.49m shares traded, while ZENITHBANK (+0.52%) led in value terms with N3.47bn worth of trades.
- Market breadth negative at 0.89:1, signalling more losers (37) than gainers (32). UNILEVER (+10.0%) led the gainers’ table, while THOMASWY (-10.00%) led the laggards’ log.
NASD Summary
- The NASD OTC market rebounded with the NASD Securities Index (NSI) and Market capitalisation advancing by 0.38% to 3,320.8 points and N1.94trn respectively.
- Trading activity dipped as the volume traded dipped by 83.41% to 298,142 units, and value of transactions declined by 14.87% to N7.62m. Number of trades also witnessed a bearish momentum by losing 24.32% to 28 deals, suggesting that few trades drove the rebound.
