Local stock market halts bullish trend amid weak activity

Equities trading at the Nigerian Exchange Limited (NGX), on Thursday, was unimpressive as performance dipped amid reduced participation.

Basically, the local bourse Index fell by 1.12 per cent to close at 46,009.23 basis points, despite the Exchange printing a higher number of 25 gainers than 24 losers.

Consequently, the year-to-date gain of the local bourse fell to 7.71 per cent.

Market capitalization settled lower to N24.79 trillion, having shed N281 billion, leaving N25 trillion mark.

ALSO READ FROM  NIGERIAN TRIBUNE

• Why Ogun Tops List Of ‘Yahoo Boys’ In Nigeria ― Governor Abiodun
• I Killed Abducted Five-Year-Old Girl Because She Recognised Me, Says Arrested Kano TeacherBuhari, Obama, OBJ, Pope, Others Mourn As Desmond Tutu Dies At 90

On the performance chart, Dangote Cement, AIICO Insurance, Ardova, Jaiz Bank and FBN Holdings shed 8.53 per cent, 5.00 per cent, 4.96 per cent, 4.29 per cent and 1.30 per cent, respectively.

On the gainers’ list, Guinness Nigeria too the lead having appreciated by 10.00 per cent. Ecobank Transnational Incorporated, Unilever, Transnational Corporation and BUA Cement followed with 9.63 per cent, 7.28 per cent, 3.77 per cent and 2.87 per cent appreciation recorded against their respective stocks.

Given the bearish sentiment, performance across sub-indices came in negative except for the NGX Banking Index and the NGX Consumer Goods Index which rose by 1.08 per cent and 1.77 per cent.

The NGX Insurance Index, NGX Oil/ Gas Index and the NGX Industrial Index fell by 1.79 per cent, 0.48 per cent, and 3.75 per cent respectively.

Meanwhile, Market activity was weak as the volume and value of stocks traded decreased by 15.06 per cent and 42.64 per cent to 279.44 million shares and N 2.76 billion respectively.

UPDCREIT dominated the volume charts as the top traded stock by volume for the trading session. This is followed by Courtville, Transcorp, Guaranty Trust Holding Company and Multiverse to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, GTCO took the lead of the top five performers as well. It is flanked by MTN Nigeria, Zenith Bank, NGX Group and lastly UPDCREIT.

Marburg Virus: What You Need To Know About Disease Recently Detected In West Africa

Local stock market halts bullish trend amid weak activity

FACT CHECK: US Did Not Give Nigeria 48 Hours Ultimatum To Detain Abba Kyari

Local stock market halts bullish trend amid weak activity