NGX Stock Halts Uptrend With 0.13% Drop On All Shares Index

By Chiamaka Okechukwu, Lagos

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Activities in Nigeria’s domestic equities market took a downward trend as the All-Share Index, ASI declines by 0.13% at the close of business on Tuesday.

The ASI dropped by 67.89 absolute points representing a 0.13% to close at 54,299.76 points lower than the 54,367.74 of the previous day following profit-taking activity.

Consequently, investors lost N37 billion on market capitalisation to settle at N29.575 trillion on Tuesday compared to Monday’s N29.612 trillion.

Hence, the Exchange recorded more losers (27) than gainers (20) at the close of the trading session.

Specifically, the market witnessed profit-taking on FCMB, UACN, GEREGU, and DANGCEM shares as their respective prices fell by 7.82%, 6.12%, 5.71%, and 0.71%.

On sectoral performance, the NGX Oil and Gas sub-sector index rose by 0.54%, due to strong corporate earnings from CONOIL which stood at +10.00% and MRS +9.82%, but was limited by ARDOVA’s -4.25% potential delisting.

Other sub-sector gauges tracked closed in red such as the NGX Banking, NGX
Insurance, NGX Consumer Goods, and NGX Industrial indices declined by 0.61%, 0.80%, 0.02%, and 0.31%.

In the broader market, the NGX Premium index rose marginally by 1 bps, however, the NGX-30 index fell by 0.01%.

Meanwhile, trading activity increased, with total deals, volume, value rising by 0.48%, 4.38%, and 58.84%, respectively, to 4,380 trades, 200.04 million units, and N7.62 billion.

In terms of volume, FCMB was the most active stock, with 27.98 million shares worth N130.02 million changing hands in 132 deals.


Confidence Okwuchi

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