Nigerian Stock Market Opens Week 0.01% in Negative Territory

The Nigerian Exchange Limited (NGX) took off on the first trading day of the new week with mixed sentiments but ended the day with a marginal bearish tilt on Monday, August 29.

Consequently, the benchmark Index shed 0.01% or 5.4 basis points to settle at 49,676.75 basis points as against last week’s 49,682.15 basis points.

Nigerian Exchange
Nigerian Exchange

Similarly, the market capitalisation declined 0.01% or N2.91bn to close at N26.794trn from ₦26.797trn.

Gains in United Bank For Africa Plc (+0.70%), Zenith Bank PLC (+0.23%) and FBN Holdings Plc (+0.46%) were offset by losses in Guaranty Trust Holding Company PLC (-0.50%) and Nigerian Breweries (-2.86%).

Analysis of yesterday’s market activities showed a total of 222.66 million shares valued at N2.13bn were exchanged in 4.350 deals.

Jaiz Bank Plc was the most traded stock by volume at 40.42 million units of shares, while Access Bank was the most traded stock by value at ₦293.56million.

As measured by market breadth, market sentiment was positive with 18 stocks advancing relative to 9 losers.

Trans-Nationwide Express Plc (+9.52%) and UPDC Real Estate Investment Trust (+9.23%) topped the gainers’ list, while Caverton Offshore Support Group Plc (-9.57%) and John Holt PLC (-8.99%) recorded the most significant losses of the day.

Analysing by sectors, the Consumer Goods (-0.3%), Insurance (-0.3%), and Oil & Gas (-0.1%) indices closed in the red, while the Banking (+0.3%) index advanced. The Industrial Goods indices closed flat.

Market activity as measured by the volume of trades inched up in the session with daily traded volume standing at 232.945 million units, representing a 20.38 per cent uptick from a volume of 193.512 million units traded in the previous session.

The value of those traded stocks on the other hand dipped by 52.90 per cent in the session to stand at N2.186 billion as against a value of N4.641 billion recorded in the previous trading session.

The financial service sector dominated the volume charts with Jaiz Bank as the top traded stock by volume for the trading session, followed by Access Corporation, FBN Holdings, Mutual Benefits, and Zenith Bank to complete the list of the five most traded stocks by volume.

With regard to the value of traded stocks, Access Corporation took the lead among the top five performers. It is flanked by Zenith Bank, FBN Holdings, Guaranty Trust Holding Company, and MTN Nigeria.

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