Home Stock Market NGX: Profit-taking keeps Bears in play… ASI down 0.1%

NGX: Profit-taking keeps Bears in play… ASI down 0.1%

by Business News Report

Today, the NGX-ASI extended its negative performance with a 0.1% decline to 52,721.34 points due to sell pressure on FBNH (-3.2%), WAPCO (-2.4%), and TRANSCORP (-6.3%). Accordingly, YTD return moderated to 23.4% (previously 23.5%) while market capitalisation declined ₦19.0bn to ₦28.4tn. Volume and value traded rose 10.8% and 55.4% respectively to 611.8m units and ₦7.4bn.

Across our coverage sectors, performance was bullish as 4 indices gained, 1 lost, while the AFR-ICT index closed flat. Leading the gainers, the Insurance index rose 0.8% due to buying interest in MANSARD (+4.6%) and CHIPLC (+6.6%). Trailing, the Consumer Goods and Oil & Gas indices advanced 0.3% and 0.2% respectively on account of price uptick in CHAMPION (+7.0%), UNILEVER (+2.7%), and OANDO (+1.3%). Similarly, the Banking index inched higher by 0.1% buoyed by price appreciation in ZENITH (+1.2%) and FIDELITY (+1.4%). In contrast, the Industrial Goods index shed 0.2%, due to profit-taking in WAPCO (-2.4%) and CUTIX (-4.1%).

Investor sentiment, as measured by market breadth, improved to -0.03x from -0.09x as 21 stocks gained, 23 lost while 69 closed flat. In the penultimate session of the week, it is anticipated that the market would recoup some losses amid bargain hunting activities.

Corporate disclosure

Today, Access Holdings Plc announced a definitive agreement between its subsidiary, Access Bank Plc, and First Pension Custodian Nigeria Ltd (First Pension). The agreement is for the proposed acquisition by First Pension of the entire share capital of Access Pension Fund Custodian Ltd which is held by Access Bank Plc. According to Access Holdings Plc, both National Pension Commission and the CBN have given “No Objection” to the transaction.

Related Posts