Trading on the Nigerian Exchange today closed bearish as the market’s All Share Index (NGXASI) settled at 108,497.40 points, representing a 0.07% decline as investors lost N44.30 billion thereby bringing the total market capitalization down to N67.61 trillion.
Data from the Nigerian Exchange Group (NGX) on the day’s trading showed that the market’s Up/Down (UD) ratio of 0.48x implied a modest level of buying activity compared to selling, while the Advance/Decline (AD) ratio of 0.22x significantly showed that more stocks declining than advancing.
An analysis of the day’s trading activity metrics reflected the broad market performance as the total trading volume totalled 315,722,116 units, indicating a decline of 25.05% compared to the previous day’s traded volume while the total value traded closed at N8.36 billion, which is a 0.75% decline day-on-day.
According to the NGX data, the substantial decline in traded volume could imply decreasing market participation, possibly due to investor caution as a result of observed profit-taking.
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A further assessment of the market’s performance based on sectors, revealed sentiment was broadly bearish as three out of the five indices closed in the red. The Consumer Goods index led the gainers’ chart with a 0.63% gain driven by gains in CHAMPION 9.87% and DANGSUGAR 8.95%, followed by the Industrial Goods Index which recorded a marginal gain of 0.10%.
Conversely, the Oil and Gas Index led the losers’ chart with a (-0.58%) decline following declines in OANDO (-4.92%), ETERNA (-4.47%), and JAPAULGOLD (-2.79%) just as the Banking Index extended for the fifth consecutive day weighed down by ACCESSCORP (-1.49%), UBA (-1.19%), ZENITHBANK (-1.10%). The Insurance Index also posted its first decline of the week due to losses in LINKASSURE (-3.45%), SUNUASSURE (-2.08%).
Interestingly, the NASD OTC market extended it upward trend and closed the week on a positive note following a 0.47% increase in the NSI, which closed at 3268.01 points at market close, following gains in SDAIRLIQ 10%, SDFOODCPT 10% and SDACORN 8.33%.
Meanwhile, prices at the global crude oil market showed that Brent Crude edged higher in the previous trading session, closing at USD 76.05 per barrel.
