Local stock market dips by 0.4% despite uptick in activities

Equities trading at the Nigerian Exchange Limited (NGX) on Thursday was bearish as the All-Share Index (ASI) moderated by 0.42 per cent to close at 48,964.83 points.

The domestic equities market traded with bearish sentiments as Nestle Nigeria closing limit down undermined the market’s performance.

Accordingly, the Month-to-Date loss increased to -1.8 per cent, while the Year-to-Date gain moderated to +14.6 per cent.

As measured by market breadth, market sentiment was negative as 14 tickers lost relative to 12 gainers. Nestle Nigeria and African Prudential recorded the highest losses of the day having depreciated in share value by 10.0 per cent and 8.3 per cent respectively, while Jaiz Bank and Ikeja Hotel topped the gainers’ list as their respective share value appreciated by 9.2 per cent and 8.8 per cent.

The breakdown among sub-sectors indicated that four of the five indices tracked closed in the red zone: the NGX Banking Index, NGX Insurance Index, the NGX Consumer Goods, and the NGX Oil/Gas Index slid by 0.15 per cent, 0.58 per cent, 3.22 per cent, and 0.03 per cent respectively. The NGX Industrial index remained unchanged.

However, market activity expanded on Thursday with total volume and value rising by 117.37 per cent and 88.03 per cent, respectively, to 220.78 million units and N2.25 billion. However, the total deals fell by 22.00 pee cent to 3,105 trades.

Jaiz Bank was the most traded stock by volume at 85.91 million units, while Airtel Africa was the most traded stock by value at N360.04 million.

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