WAPCO, UBN stocks dips local equities market by 0.2 per cent

Sentiments were quickly reversed at the Nigerian Exchange (NGX) Limited on Thursday, as bears resurfaced to close the benchmark index with a 0.2 per cent descent; following profit-taking on WAPCO and Union Bank of Nigeria stock, the All Share Index (ASI) settled at 38.571.89 basis points.

Accordingly, the Month-to-Date and Year-to-Date losses increased to -1.2 per cent and – 4.2 per cent, respectively.

As measured by market breadth, market sentiment was negative, as 26 tickers declined relative to 16 gainers.
UAC Properties and PZ topped the losers’ list with a ten (10) per cent and 9.8 per cent decrease in their respective share value, while Guinness Nigeria and FTN Cocoa recorded the most significant gains of the day by ten per cent and 9.3 per cent.

Sectoral analysis indicated that the Insurance, Banking, and Industrial Goods indices recorded losses by 2.8 per cent, 1.0 per cent, 0.2 per cent, while the Consumer Goods and Oil & Gas indices recorded gains by 0.1 per cent respectively.

Despite the negative sentiments recorded for the day, there was an uptick in activities, as the total volume of trades increased by 14.9 per cent to 319.43 million units, valued at N1.78 billion, and exchanged in 4,158 deals.

Fidelity Bank was the toast of investors as it made the most traded stock by volume at 46.71 million units, while Guaranty Trust Bank was the most traded stock by value at N352.44 million.

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