Thursday’s trading session on the Nigerian Exchange Limited (NGX) witnessed a setback as the benchmark index fell by 0.38%, erasing the gains achieved in the previous session. The All-Share Index, which serves as a measure of market performance, depreciated by 254.43 basis points to settle at 67,098.80 basis points.
Furthermore, the market capitalisation also experienced a decline of 0.38%, amounting to ₦140 billion. The total market capitalisation stood at ₦36.864 trillion, down from the previous ₦37.004 trillion.
Several factors contributed to the negative sentiment prevalent during today’s trading session. Investors engaged in profit-taking activities, which brought down the stock prices of STANBIC IBTC HOLDINGS PLC (-8.5%), MTN NIGERIA COMMUNICATIONS PLC (-0.20%), NESTLE NIGERIA PLC (-0.49%), and ZENITH BANK PLC (-0.75%). These declines, in turn, offset the gains made by GUARANTY TRUST HOLDING COMPANY PLC (+0.71%).
In terms of market activity, the total volume of trades decreased, with 298.69 million units of shares traded, valued at ₦4.48 billion, and exchanged in 5,453 deals. UNITED BANK FOR AFRICA PLC emerged as the leading company in terms of both volume and value, with 56.29 million units traded in deals worth ₦1.05 billion.
Unfortunately, market breadth closed negative, with 25 declining issues outnumbering 16 advancing ones. MCNICHOLS PLC (-8.82%) and OMATEK VENTURES PLC (-8.70%) experienced the most significant losses of the day. On the flip side, LEARN AFRICA PLC (+10.00%) and DAAR COMMUNICATIONS PLC (+9.52%) topped the gainers’ list.
Taking a closer look at the sectors, the Insurance (-1.1%), Banking (-1.0%), and Consumer Goods (-0.3%) indices recorded declines. On the other hand, the Industrial Goods and Oil & Gas indices closed flat.
Despite today’s downturn in the NGX benchmark index, it is important to note that the overall market performance remains dynamic, with opportunities for both bullish and bearish outcomes. Investors should carefully analyze market trends and seek expert advice to make informed decisions. Stay tuned for further updates on the Nigerian stock market.
