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Sell pressures drag NGX benchmark index down, MTNN most traded stock by value at N2.23 billion

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MON, NOV 13 2023-theGBJournal|Activities in the domestic equities market kicked off this week negatively, following late sell pressures on BUACEMENT (-7.8%) which outweighed gains in MTNN (+2.6%).

Consequently, the NGX ASI declined by 0.3% to 70,644.85 points, with the Month-to-Date and Year-to-Date returns moderating to +2.0% and +37.8%, respectively.

The total volume traded decreased by 14.8% to 474.39 million units, valued at NGN7.75 billion, and exchanged in 7,630 deals. FIDELITYBK was the most traded stock by volume at 94.05 million units, while MTNN was the most traded stock by value at N2.23 billion.

Sectoral performance was mixed, as the Industrial Goods (-3.3%), Insurance (-0.1%) and Consumer Goods (-0.1%) indices recorded losses while the Oil & Gas index closed flat. The Banking (+0.4%) index was the sole gainer for the day.

As measured by market breadth, market sentiment was positive (1.4x), as 26 tickers gained relative to 18 losers. RTBRISCOE (+10.0%) and ALEX (+10.0%) recorded the highest gains of the day, while JAPAULGOLD (-9.1%) and BUACEMENT (-7.8%) topped the losers’ list.

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