NGX begins trading week low, sheds N50.64bn

By Motolani Oseni

The equities market of the Nigerian Exchange Limited (NGX) on the first trading of the week was down by 0.09 per cent as the market capitalization shed N50.64 billion to close at N55.81 trillion.

Opening the week, the domestic bourse nudged slightly lower, outturning the gains from the previous session, bringing the All-Share Index (ASI) down by 0.09 per cent to close at 101,995.21 points.

This was due to bearish sentiment of 0.42 per cent in United Bank for Africa (UBA) shares, as well as a 4.30 decline in ACCESSCORP, and a loss of 7.67 per cent in DANGSUGAR, which overturned the 1.15 per cent gains in GTCO, 9.68 per cent appreciation in FBNH, and 6.52 gains in INTBREW causing the drag in the market.

Also, at the close of trading activities yesterday, the ASI year-to-date (YTD) return fell to 36.41 per cent.

READ ALSO: Excitement as Celestine Umeri leads over 4000.

Analysis of yesterday’s market activities, however, showed trade turnover settled higher relative to the previous session, with the value of transactions up by 11.69 per cent.

Consequently, a total of 294.32 million shares valued at N6.72 billion were exchanged in 9,957 deals. FBNH (+9.68%) led both the volume and value chart with 73.84 million units traded in deals worth N2.42 billion.

Market breadth closed flat. NASCON (+10.00%) topped 24 others on the leader’s table while NESTLE (-10.00%) led 24 others on the laggard’s log.