Local stock market closes in red despite robust trade

On Thursday, negative outings of high capitalised stocks weigh the local stock market down despite positive market breadth.

Thus, equities trading at the Nigerian Exchange Limited (NGX) reversed its previous day’s positive outing, largely due to such high capitalised stocks as MTN Nigeria, Guaranty Trust Holding Company and Zenith Bank.

The All Share Index (ASI) dipped to 50,014.60 basis points as against its previous close of 50,075.47bps, thus pegging both the month-to-date and year-to-date performance at -0.71 per cent and 17.09 per cent.

Market Capitalisation followed suit the direction of the ASI to stand at N26.976 trillion, representing a 0.12 per cent decrease from the N27.009 trillion it stood at the end of the previous trading session, as investors networth waned by N33 billion in the session.

Bulls’ camp maintains dominance over the market breadth with 21 counters in the gainers’ chart pitted against 15 counters in the losers’ chart.

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On the performance board, NAHCO gained 10.00 per cent to become the best performing stock in the session, while from the rear of the chart, ABC Transport, Jaiz Bank, Stanbic, Cavetto and United Bank for Africa populated the top five losers’ chart.

Key sectoral indices closed in the same direction with the ASI, save for NGX Insurance, NGX Industry and NGX Growth sectors that gain weight, while NGX ASEM sectors closed flat.

Market activity as measured by volume and of trades waned in the session, with daily traded volume stood at 133.591 million units, representing 52.16 per cent downtick from a volume of 279.221 million units traded in the previous session.

The value of those traded stocks on the other hand inched up by 17.06 per cent in the session to stand at N2.438 billion as against a value of N2.082 billion recorded in the previous trading session.

United Bank for Africa dominated the volume charts as the top traded stock by volume for the trading session, while with regards to the value of traded stocks, MTN Nigeria took the lead of the top five performers.

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Local stock market closes in red despite robust trade

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Local stock market closes in red despite robust trade