Stock Market Retreats as Four Sectors Record Losses
Nigerian stock market retreats for the second day as four of five sectors indices recorded losses Thursday following weak trading moods, marking two-day selling rallies.
The bearish trend which resurfaced Wednesday has slowdown the Nigerian Exchange (NGX) year to date return. Sustained losses came following the profit-taking in some medium and highly capitalised stocks, such as UBA, WAPCO, ACCESS and twenty-two others, Atlass Portfolios Limited stated in a market report.
Resultantly, the All-Share Index sheds 31.62 basis points, representing a decline of 0.08 per cent to close at 41,943.83.
Similarly, stock market capitalisation lost ₦16.51 billion, a second consecutive downward adjustment to close at ₦21.89 trillion.
In the same manner, the market activities also traded negatively, as the total volume and value traded declined by 45.08 per cent and 31.63 per cent, respectively.
A total of 160.88 million units valued at ₦1.40 billion were transacted in 3,688 deals, according to Nigerian Exchange market data.
Again, FBN Holding shares topped the traded stocks in terms of volume, accounting for 12.13 per cent of the total volume of trades, followed by LASACO (6.59%), TRANSCORP (6.57%), JAPAULGOLD (5.40%), and NGXGROUP (5.03%) to complete the top five on the volume chart.
Likewise, FBNH appeared as the most traded stock in value terms, with 14.79 per cent of the total value of trades on the exchange. SCOA topped the gainers’ chart as its share price rose by 9.47 per cent each, trailed by OKOMUOIL (5.19%), HONYFLOUR (4.60%), ETI (1.84%), FBNH (1.42%), GTCO (0.71%), DANGSUGAR (0.30%) and 6 others.
On the contrary, 25 stocks declined in price led by PHARMDEKO with price depreciation of 10.00 percent to close at ₦2.34, as GUINNESS (-7.27%), PZ (-5.51%), NGXGROUP (-4.38%), OANDO (-3.41%), UBA (-2.41%), WAPCO (-1.92%), LIVESTOCK (-1.40%), and ACCESS (-0.54%), also dipped in price.
Today, market breadth closed largely negative, recording 13 gainers and 25 losers. The sectorial performance shows that only the Insurance sector grew by 1.25 per cent while the Oil & Gas (-0.64%), Consumer Goods (-0.58%), Banking (-0.51%) and Industrial Goods (-0.13%) sectors declined as against the previous day’s position. #Stock Market Retreats as Four Sectors Record Losses
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source https://dmarketforces.com/stock-market-retreats-as-four-sectors-record-losses/