…Sectoral performance was mixed, as the Consumer Goods (-2.1%), Banking (-1.7%), and Insurance (-0.8%) indices declined, while the Oil & Gas (+0.4%) index advanced. The Industrial Goods index remained unchanged
TUE JULY 30 2024-theGBJournal|The Nigerian stock market continued its descent as investors sold off NESTLE (-9.8%) and UBA (-5.3%), causing a 0.3% decline in the ASI to 97,830.65 points.
As a result, the Month-to-Date and Year-to-Date returns printed -2.2% and +30.8%, respectively.
The total trading volume increased by 5.3% to 399.39 million units, valued at N8.00 billion, and exchanged in 10,447 deals.
ZENITHBANK was the most traded stock by volume and value, at 44.24 million units and N1.51 billion, respectively.
Sectoral performance was mixed, as the Consumer Goods (-2.1%), Banking (-1.7%), and Insurance (-0.8%) indices declined, while the Oil & Gas (+0.4%) index advanced. The Industrial Goods index remained unchanged.
As measured by market breadth, market sentiment was negative (0.5x), as 37 tickers lost relative to 18 gainers. UCAP (-9.9%) and NESTLE (-9.8%) recorded the highest losses of the day, while ABCTRANS (+10.0%) and OANDO (+9.8%) topped the gainers’ list.
The naira depreciated further by 0.7% to N1,621.12/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as its losing streak against the green back continues.
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