Stocks Market ends Winning Streak, Loses N296.39bn
The equities market of the Nigerian Exchange Limited (NGX) on Thursday ended its four-day winning streak as the benchmark index shed N296.39billion.
The domestic bourse, also, recorded a decline 0.76 per cent in its benchmark index to close at 70,042.28 points, while market capitalization lost N296.39billion to close at N38.48trillion as against N38.78trillion.
NGX closing statistics showed that selloffs in telco heavyweight, MTNN (-2.44%), as well as BUACEMENT (-1.87%), and ZENITHBANK (-1.16%), underpinned the market’s weak performance despite gains in WAPCO (+2.94%), FIDELITYBK (+1.82%) and OANDO (+1.16%).
Despite the loss, the market is on track for a week of gain, even as the Year-To-Date (YTD) return fell to 36.67 per cent.
Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 44.73 per cent.
A total of 525.46million shares valued at N6.09billion were exchanged in 8,396 deals. JAPAULGOLD (+0.78%) led the volume chart with 92.01million units traded while UBA (-0.24%) led the value chart in deals worth N971.34million.
Market breadth closed negative at a 1.24-to-1 ratio with declining issues outnumbering advancing ones.
CHAMS (-9.84%) led twenty (20) others on the laggard’s log while ACADEMY (+9.83%) topped sixteen (16) others on the leader’s table.
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