…The total volume traded decreased by 68.3% to 296.73 million units, valued at NGN5.45 billion, and exchanged in 7,126 deals.
…FIDELITYBK was the most traded stock by volume at 46.78 million units, while SEPLAT was the most traded stock by value at NGN1.15 billion
THUR JULY 11 2024-theGBJournal| The Nigerian equities market fell again on Thursday, remaining in red after the market posted heavy sell-off in Seplat.
The sell pressure on SEPLAT (-8.3%) triggered a 0.3% decline in the benchmark index. Thus, the NGX ASI settled at 99,468.90 points. Consequently, the Month-to-Date and Year-to-Date returns printed -0.6% and +33.0%, respectively.
The total volume traded decreased by 68.3% to 296.73 million units, valued at NGN5.45 billion, and exchanged in 7,126 deals. FIDELITYBK was the most traded stock by volume at 46.78 million units, while SEPLAT was the most traded stock by value at NGN1.15 billion.
From a sectoral perspective, the Oil & Gas (-4.0%) and Consumer Goods (-0.3%) indices declined, while the Banking (+0.1%), Insurance (+0.1%) and Industrial Goods (+0.1%) indices advanced.
As measured by market breadth, market sentiment was positive (1.2x), as 21 tickers gained relative to 17 losers. LINKASSURE (+9.8%) and DAARCOMM (+9.6%) recorded the most significant gains of the day, while IKEJAHOTEL (-9.3%) and HONYFLOUR (-8.4%) topped the losers’ list.
Meanwhile, the Naira dropped 1.42% to NGN1,554.65/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday in its biggest daily drop since late June, a move attributed to missing confidence.
In the short term, that the naira is forecast to stay under pressure, barring any significant FX interventions from the Central Bank of Nigeria (CBN).
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