…Sell pressure in DANGCEM (-10.00% w/w), GTCO (-0.87% w/w) and ZENITHBANK (-0.26% w/w) drove the market relapse
… ACCESSCORP led the volume and value charts, with 36.85 million units traded in deals worth N716.33 million.
SAT AUG 24 2024-theGBJournal| The bears sustained the run from the previous week, as the equities market closed 1.16% lower week-on-week on Friday.
Sell pressure in DANGCEM (-10.00% w/w), GTCO (-0.87% w/w) and ZENITHBANK (-0.26% w/w) drove the market relapse, despite gains in BUACEMENT (+3.73% w/w), SEPLAT (+1.28% w/w) and ACCESSCORP (+4.18% w/w).
Accordingly, the market capitalization lost N2.45 billion w/w to close at N55.13 trillion.
In the last trading session of the week, the domestic bourse gained 27bps, as the benchmark index closed at 95,973.45 points.
Investors interest in GTCO (+0.11%), FBNH (+1.75%), UBA (+0.45%) and ACCESSCORP (+5.00%) drove the market’s recovery.
As a result, the ASI year-to-date return increased to 28.35%, while the market capitalization gained N146.71 billion Friday.
Analysis of Friday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 21.26%.
A total of 327.28 million shares valued at N4.61 billion were exchanged in 7,351 deals. ACCESSCORP led the volume and value charts, with 36.85 million units traded in deals worth N716.33 million.
Market breadth closed positive at a 3.10-to-1 ratio with advancing issues outnumbering declining ones. OANDO (+10.00%) topped thirty (30) others on the leader’s log, while FTNCOCOA (-5.00%) led nine (9) others on the laggard’s table.
On the sectors, the NGX Industrial Index (-4.95%w/w), primarily driven by selloff in DANGCEM (-10.00% w/w), led the laggards, followed by the NGX Consumer Goods Index (-1.42%w/w), the NGX 30 Index (-1.29%w/w) and the NGX Pension Index (-0.06% w/w).
On the flip side, the NGX Oil and Gas Index (+3.54%w/w), and the NGX Insurance Index (+1.90%w/w) and NGX Banking Index (+0.37%w/w) closed green.
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