Tuesday’s negative trade following the Central Bank policy committee decided to keep benchmark interest rate, seen as a positive catalyst for stocks to rally.
Some stockbrokers told MarketForces Africa that the market is overstretched with twin effects of MTN Nigeria book building and Flour Mills of Nigeria’s acquisition ahead of CBN primary market auction schedule for the midweek.
Due to selloffs, stock market indicators declined marginally by 0.01 per cent while year to date return moderated, albeit, marginally. Market data shows that the Nigerian Exchange all-share Index dipped by 4.99 basis points, representing a decline of 0.01 per cent to close at 43,255.14.
Overall, the equity market capitalisation dipped ₦0.59 billion to close at ₦22.58 trillion. The month-to-date and year-to-date returns printed at 2.89% and 7.41%, respectively.
Also, the market activities were bearish as the total volume and value traded depreciated by 90.93 per cent and 82.34 per cent, respectively. A total of 217.97 million units valued at ₦2.91 billion were transacted in 4,158 deals.
GTCO topped the traded stocks in terms of volume, accounting for 16.60 per cent of the total volume of trades, trailed by FBNH (14.47%), ZENITH BANK (6.16%), ACCESS (6.01%), and HONYFLOUR (4.52%) to complete the top five on the volume chart.
Also, GTCO emerged as the most traded stock in value terms, with 31.63 per cent of the total value of trades on the exchange. HONYFLOUR remained the most profitable stock for the day.
The stock tops the gainers’ chart with a price appreciation of 9.95 percent, followed by JAPAULGOLD (2.56%), WEMABANK (2.47%), FLOURMILL (1.71%), ACCESS (1.65%), UNILEVER (1.48%), UBN (1.02%), ETI (0.57%), UCAP (0.51%), NAHCO (0.28%) and nine (9) others.
Today, 15 stocks see price decline led by UPDC that shed 9.35 percent to close at ₦1.26, as CHAMS (-4.55%), FIDELITYBK (-3.85%), LIVESTOCK (-2.38%), DANGSUGAR (-1.21%), OANDO (-0.97%), AFRIPRUD (-0.78%), UBA (-0.61%) and GTCO (-0.20%) also dipped in price.
However, the market breadth closed positive, recording 19 gainers and 15 losers. Stock market data shows that only the Banking sector had a positive sentiment with 0.21 per cent compared to the previous day.
The Insurance (-1.97%), Oil & Gas (-0.20%) and Consumer Goods (-0.16%) declined, respectively, as Industrial Goods remain unchanged.
The NGX 30 Index marginally increased by 0.01 per cent to close at 1,759.02 points against 1,758.80 points as on the previous day. Market turnover closed with a traded volume of 135.00 million units. Flour Mills and Access were the key gainers, while Fidelity and International Breweries were the key losers.