Home Stock Market NGX market capitalisation dipped by ₦357.4bn

NGX market capitalisation dipped by ₦357.4bn

by Business News Report

The NGX-ASI lost 1.2% to close at 52,974.15 points due to sell pressure on OKOMUOIL (- 10.0%), FBNH (-4.5%), and FIDELITY (-4.7%). Accordingly, YTD return moderated to 24.0% (previously: 25.6%), while market capitalisation dipped ₦357.4bn to ₦28.6tn. Meanwhile, market activity weakened as volume and value traded fell 7.3% and 3.3% respectively to 295.0m units and ₦3.6bn.

Across our coverage sectors, performance was mixed as 3 indices lost, 1 gained while the AFR- ICT and Industrial Goods indices closed flat. The Insurance index led laggards, down 0.5% on account of profit-taking in AIICO (-1.5%) and MBENEFIT (-4.0%). Trailing, the Banking and Oil & Gas indices declined 0.3% and 0.2% respectively due to losses in WEMABANK (-4.1%), FIDELITY (-4.7%), CONOIL (-8.3%), and OANDO (-0.2%). Conversely, the Consumer Goods index rose 0.1% following price uptick in BUAFOODS (+3.1%) and DANGSUGAR (+2.9%).

Investor sentiment, as measured by market breadth, weakened to -0.08x from 0.04x as 14 stocks gained, 20 lost while 77 closed flat. In the next trading session, we expect the bearish performance to be sustained on the back of extended profit-taking.

Related Posts