TUE, 10 MAY, 2022-theGBJournal | Today, the NGX Exchange closed lower as the benchmark index shed 0.19% – the first decline since 07 April – to close at 51,805.41 points, the lowest point since 05 August 2008, ending 18 consecutive sessions of gain.
The market’s weak performance was driven by profit taking in telco heavyweight, MTNN (-3.61%) as well as consumer good, NB (-2.53%). In addition, the continued rout in some Tier-1 banks, ZENITHBANK (-0.21%) and UBA (-0.62%) contributed to keep the market in the red, eroding gains in BUAFOODS (+5.88%), OKOMUOIL (+10.00%) and INTBREW (+9.46%). Consequently, the year-to-date (YTD) return fell to 21.28%, while market capitalization lost N52.87bn to close at N27.93trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 7.95%. A total of 331.52m shares valued at N5.04bn were exchanged in 6,689 deals. GTCO (+0.00%) led the volume and value charts with 51.96m units traded in deals worth N1.23bn.
Market breadth closed positive at a 2.69-to-1 ratio with advancing issues outnumbering declining ones. OKOMUOIL (+10.00%) topped thirty-four (34) others on the gainer’s log, while NAHCO (-4.12%) led twelve (12) others on the laggard’s table.
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