Despite persistent negative sentiment in the Nigerian Exchange (NGX), which dipped the All Share Index (ASI) by 0.05% to settle at 102,788.20 points, the market capitalization rose to N63.14 trillion, reflecting an increase of N157.39 million in investors’ wealth, at the end of Thursday’s trading.
The decline in the ASI was primarily attributed by analysts to the sell-offs in blue chip stocks such as ARADEL (-1.10%) and DANGSUGAR (-6.54%) among others.
Data from the market’s supervisory group, the Nigerian Exchange Group, reflected that across sectors, all indices declined with the exception of the Banking Index, which was the lone gainer with a return of 1.04%.
According to the trading data, the Insurance Index led the losers as it lost 1.23% driven by declines in SUNUASSUR (8.03), NEM (-6.23%) and UNIVINSURE (-5.41%), the Consumer Goods followed with a 0.81% decline while the Oil and Gas Index saw a decline of 0.36%, while the Industrial Goods Index closed flat.
- Advertisement -
In terms of traded volume, the Banking stocks topped the volume chart for the second consecutive day as GTCO, UBA, ZENITHBANK, ACCESSCORP and JAIZBANK jointly accounted for 36.24% of the total volume traded.
However, for the value traded, Oil and Gas stocks led the total value trade chart as ARADEL and SEPLAT accounted for 49.14% of the total value traded.
The data showed that the market sentiment remained neutral at the close of the trading session with a market breadth of 1.0x as evidenced by 28 advancing stocks against 28 declining stocks.
