June 08, (THEWILL) – The bears continued to dominate the domestic bourse as the NGX All-Share Index (ASI) extended losses for a second consecutive session, falling by 0.12% to settle at 55,956.59 points.
The market’s weak performance was driven primarily by selloffs in industrial giant, DANGCEM (-1.38%), alongside STANBIC (-3.02%), and NB (-1.80%) offsetting gains in MTNN (+0.04%),
ZENITHBANK (+0.18%) and GTCO (+0.36%).
Accordingly, the market remains on track for another weekly gain.
The ASI’s year-to-date (YTD) return fell to 9.18% and the market capitalization shed ₦37.57 billion to close at ₦30.47 trillion.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 17.52%. A total of 531.78m shares valued at ₦7.68bn were exchanged in 6,061 deals. UBA (+4.19%) led volume and value charts with 177.48m units traded in deals worth ₦1.72bn.
Market breadth closed positive at a 2.46-to-1 ratio with advancing issues outnumbering declining ones. UNITYBNK (+10.00%), topped twenty-six (26) others on the leader’s table, while WAPIC (-6.52%) led ten (10) others on the laggard’s log.
Compared with the previous NGX trading day (Wednesday, June 7), today’s data shows 34% improvement in volume, 18% improvement in turnover, and 8% improvement in deals.
The current market capitalization of the Nigerian Stock Exchange is NGN 30.5 trillion.
United Bank for Africa recorded the highest volume of 177 million traded shares, followed by NPF Microfinance Bank (51.8m), Access Holdings (32.1m) and Zenith Bank (30.8m).
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
