Bearish sentiment persists as NGX All-Share Index drops 0.24%

Business a.m.

The  Nigerian Exchange (NGX) experienced continued bearish pressure on the market as the benchmark index declined by 0.24 percent to close at 97,473.98 points. The downturn was primarily attributed to sell-offs in key stocks such as ZENITHBANK (-0.86%), FBNH (-2.00%), and UBA (-2.34%). 

As a result of the market’s performance, the year-to-date (YTD) return dipped to 30.36 percent, and the total market capitalisation decreased by N132.65 billion, closing at N55.13 trillion.

Analysis of the day’s market activity on the Lagos bourse revealed a 48.90 percent decrease in trade turnover compared to the previous session. The market recorded 306.60 million shares valued at N5.81 billion in 7,951 transactions. ACCESSCORP, despite experiencing no change in share price, topped the volume chart with 33.23 million units traded, while GTCO led the value chart with deals worth N1.36 billion, reflecting a 0.12 percent increase in share price.

The Lagos bourse’s market breadth closed positively at a 1.17-to-1 ratio, signaling an overall optimistic market sentiment, an indication that more stocks experienced gains than losses during the trading session. 

LEARNAFRCA emerged as the top performer, surging by 10.00 percent and leading 20 other stocks on the leader’s table. On the other hand, DANGSUGAR declined by 10.00 percent, heading the laggard’s log with 17 other stocks.