SAT APRIL 20 2024-theGBJournal| Bears feasted heavily on Nigerian equities market this week as the benchmark index shed 271bps to settle at 99,539.75 points.
The index was dragged by selloff in GTCO (-19.08% w/w), FBNH (-10.33% w/w), and ZENITHBANK (-11.25% w/w) drove the week’s losses.
All other indices finished lower with the exception NGX Sovereign Bond which appreciated by 3.57%, while the NGX ASeM and NGX Oil and Gas indices closed flat.
Trading in the top three equities namely Access Holdings Plc, United Bank for Africa Plc and Zenith Bank Plc (measured by volume) accounted for 570.027 billion shares worth N14.078 billion in 12,079 deals, contributing 35.69% and 43.57% to the total equity turnover volume and value respectively
Having gained in just one of five trading sessions this week, the ASI recorded a 2.71% w/w decline, its fifth consecutive weekly loss.
In today’s trading session, the All-Share Index fell by 0.31%, the lowest level since 5 March. This result was following sell pressures in blue chips GTCO (-2.47%), FBNH (-9.83%) and ZENITHBANK (-1.39%).
Consequently, the ASI’s year-to-date (YTD) return dipped to 33.12%, while the market capitalization shed N1.57 trillion w/w to close at N56.30 trillion.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down 2.60%.
A total of 257.86m shares valued at N5.40 billion were exchanged in 7,168 deals. UBA (-0.00%) led the volume chart with 38.72 million units traded while GTCO (-2.47%) led the value charts in deals worth n1.31 billion.
Market breadth closed negative at a 0.68-to-1 ratio with declining issues outnumbering the advancing ones. UNITYBK (-10.00%) topped eighteen others on the laggard’s table while FTNCOCOA (+9.60%) led twelve others on the leader’s log.
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