Local stock market maintains bearish stand, dips by 3bps

The domestic equities market maintained bearish stance, on Thursday, as continued profit-taking activities, especially on MTN Nigeria stocks undermined the market’s performance.

Precisely, the All-Share Index of the Nigerian Exchange Limited (NGX)declined by three basis points to 42,230.48 points.

Accordingly, Month-to-Date and Year-to-Date return printed -2.4 per cent and +4.9 per cent, respectively.

The total volume of trades increased by 5.8 per cent to 211.09 million units, valued at N2.46 billion, and exchanged in 2,815 deals.

UACN was the most traded stock by volume at 64.95 million units and value at N617.02 million, respectively.

Sectoral performance was broadly positive as the Oil & Gas, Banking, Insurance and Industrial Goods indices advanced by 1.1 per cent, 0.5 per cent, 0.4 per cent and 0.1 per cent respectively, while the Consumer Goods index was flat.

As measured by market breadth, market sentiment was however positive, as 13 tickers gained, relative to 10 losers.
On the performance board, Union Bank of Nigeria and Royal Exchange recorded the most significant gains of the day having appreciated by 9.8 per cent and 7.2 per cent respectively, while Julius Berger and Sovereign Insurance topped the losers’ list after their respective shares depreciated by 9.9 per cent and 4.0 per cent.

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