MON, MAR 25 2024-theGBJournal|The Nigerian equities market opened the week’s trading on a bearish note as profit-taking activities in DANGSUGAR (-10.0%) and TRANSCORP (-8.4%) undermined market performance.
Consequently, the NGX ASI closed lower by 0.5% to 104,136.35 points as the Month-to-Date and Year-to-Date returns moderated to +4.2% and +39.3%, respectively.
The total volume traded fell by 39.3% to 306.82 million units, valued at NGN11.38 billion, and exchanged in 9,343 deals. NIDF was the most traded stock by volume and value at 35.55 million units and NGN4.05 billion, respectively.
Across the sectors, the Banking (-1.7%) and Consumer Goods (-0.8%) indices declined while the Insurance (+0.2%) index advanced. The Industrial Goods and Oil & Gas indices closed flat.
As measured by market breadth, market sentiment was negative (0.7x), as 28 tickers lost relative to 20 gainers. DANGSUGAR (-10.0%) and INTENEGINS (-10.0%) topped the losers’ list, while ELLAHLAKES (+10.0%) and MORISON (+9.9%) recorded the most significant gains of the day.
Meanwhile the local currency continued its ascendancy against the dollar at the foreign exchange market, rising by 1.7% to N1,408.04 against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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