High Caps Halt Equity Market Downtrend to Gain 0.16%

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Following recent sell-offs in some high cap stocks, the Nigeria stock market halted the three sessions downtrend from gains in 10 stocks as investors took advantage of price decline in the recently declined stocks. Consequently, the All-Share Index spiked up 80.03 basis points representing a growth of 0.16 percent, to closed at 49,709.46. While the Market Capitalization gained ₦42.76Bn, representing an increase of 0.16 percent to close at ₦26.81 trillion.

→ Meanwhile, the market activities remained bearish, as the Total Volume and Value dipped by 3.17 percent and 25.02 percent, respectively. About 204.16 million units valued at ₦1.64 billion were transacted in 3,643 Deals. FBNH emerged as the most traded stock in terms of volume, accounting for 18.14 percent of the total volume of trades, followed closely by ETRANZACT (14.77%), UBA (10.11%), ACCESSCORP (9.90%), and ETERNA (6.06%) to complete the top five on the volume chart. Also, FBNH appeared as the most traded stock in value terms, with 24.18 percent of the total value of trades on the exchange.

→ CUTIX topped the advancers’ chart with a price appreciation of 7.50 percent, trailed by UBN (3.45%), BUACEMENT (2.63%), FLOURMILL (1.16%), ZENITHBANK (0.46%) and six (6) others. On the flip side, twenty-two (22) stocks depreciated, led by UPDCREIT with a price decline of 9.86 percent to close at ₦3.2, as ETERNA (-4.76%), NGXGROUP (-1.23%), UCAP (-1.23%), ACCESSCORP (-0.58%), WEMABANK (-0.29%) and GTCO (-0.25%) also dipped in price. In that regard, the market breadth closed largely negative, recording 10 gainers and 22 losers.

→ Consequently, sectoral performance was negative, as all the three major sectors closed bearishly compared to the previous session, led by Insurance (-0.97%), Oil & Gas (-0.12%) and Consumer Goods (-0.11%). While the Industrial Goods and Banking sectors surged by 0.96% and 0.31%, respectively.