…GTCO was the most traded stock by volume and value at 54.35 million units and N3.15 billion
TUE JAN 14 2025-theGBJournal| Nigerian stock market traded lower on Tuesday as losses in DANGCEM (-10.0%) and MTNN (-3.7%) caused a 1.7% decline in the benchmark index to 103,622.09 points.
All other indices fell with the exception of NGX-AFR Bank Value Index, NGX MERI GROWTH INDEX, NGX COMMODITY INDEX, NGX Oil/Gas Index and NGX Sovereign Bond Index.
The Year-to-Date returns moderated to +0.7% while market capitalization settled at lower at N63.187 trillion with index value of 103,622.09
The total trading volume fell by 0.5% to 503.31 million units, valued at N12.63 billion, and exchanged in 12,900 deals.
GTCO was the most traded stock by volume and value at 54.35 million units and N3.15 billion, respectively.
Analyzing by sectors, the Industrial Goods (-5.0%), Insurance (-2.8%), Consumer Goods (-0.3%), and Banking (-0.1%) indices declined, while the Oil & Gas (+0.3%) index was the sole gainer of the day.
As measured by market breadth, market sentiment was negative (0.6x), as 40 tickers lost relative to 23 gainers.
HONYFLOUR (-10.0%) and DANGCEM (-10.0%) led the losers, while NNFM (+10.0%) and LIVESTOCK (+9.9%) recorded the highest gains of the day.
Meanwhile, the naira continued its downward trend since it dropped across the official and parallel markets last week.
At close of trading today it fell by 0.1% to N1,549.65 against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Analysts at Coronation Research say they link the renewed pressure on the Naira to increased demand as the temporary access given to authorized Bureaux de Change operators to purchase foreign exchange through the new Electronic Foreign Exchange Matching System (EFEMS) will cease in a few days.
Last week, the Naira weakened by 0.58% w/w closing at N1,543.03/US$1 at the NAFEM market, while the parallel market rate fell to N1,660.00/US$1, losing 0.30% w/w.
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