SAT MAY 25 2024-theGBJournal| Although the market started the week on a positive note, negative sentiments resurfaced later in the week as investors reacted to the MPC’s decision to further hike the MPR by 150bps.
Notably, the banks bore the brunt of the selloffs following declines in UBA (-12.1%), FBNH (-10.9%), ZENITHBANK (-8.5%) and GTCO (-6.5%).
As a result, the All-Share Index declined by 0.5% w/w to close at 97,612.51 points. Accordingly, the Month-to-Date and Year-to-Date returns settled at -0.6% and +30.5%, respectively.
All other indices finished lower with the exception NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus ll and NGX Industrial Goods which appreciated by 1.74%, 0.31%, 0.72%, 0.44% and 0.19% while the NGX ASeM index closed flat.
On activity levels, the trading volume increased by 20.2% w/w, while the trading value decreased by 4.6% w/w.
Sectoral performance was mixed, with losses in the Banking (-7.3%) and Insurance (-3.5%) indices, while the Oil & Gas (+0.7%), Consumer Goods (+0.3%), and Industrial Goods (+0.2%) indices recorded gains.
Trading in the top three equities namely Ecobank Transnational Incorporated Plc, Access Holdings Plc and United Bank for Africa Plc (measured by volume) accounted for 1.006 billion shares worth N20.115 billion in 6,849 deals, contributing 50.67% and 49.40% to the total equity turnover volume and value respectively.
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