Market Growth Slows Down As NGX ASI Dips By 0.01%

Profit taking investors edged narrowly fresh investment in the equity market, as they forced the NGX equity market to a bearish close. Over traded stocks of UACN (-0.53%), UBA (-0.62%), ZENITHBANK (-0.8%), and ACCESS (-0.6%) forced the all-share-index to a 0.01% decline as it closed at 42,388.57 basis points.

Despite, investors interest in MTNN (+0.05%), NESTLE (+0.01%), COURTVILLE (+2.70%) and MBENEFIT (+3.57%) the dip still succeeded in preventing the ASI from reaching a critical support line of 42,400 basis points. This drop represents a 2.74bps drift from the previous day figure of 42,394.71bps.     

As a result, ASI marginal dip its gap from the 52-week high of 43,730.55 basis points (the critical resistance point) increased by 1,341.98 basis points and drew nearer by 8,137.83 basis points from the 52-week low of 34,250.74 basis points (critical support point).

Unfortunately, only the Month-to-Date (M-t-D) stayed negative with a -2.0%, while the Week-to-Date (W-t-D) and Year-to-Date (Y-t-D) moderated their gains to +0.08% and +5.27%, respectively.

Investors interest in some growth and banking stocks, helped the equity market gather so much interest as the total volume traded increased by 94.1% to 275.93 million units as against its previous day position of 142.17 million units traded. These shares were worth NGN3.94 billion, exchanged in 3,489 deals as against NGN2.49 billion traded on Monday.

However, the equity market lost just a minimal NGN3.2 billion to close at NGN22,125.70 trillion, as against its previous day position of NGN22, 128.90 trillion.

Despite its loss, UACN (-0.53%) took most of the market attention as it dominated the volume activity chart with 75.88 million units traded, while FBNH topped the most valuable stock by transaction as it closed with NGN836.41 million.

Other notable stocks of mention were MTNN (+0.05%), NESTLE (+0.01%), COURTVILLE (+2.70%), STANBIC (+0.01%), and MBENEFIT (+3.57%).

Analyzing by sectors’ performance, the Insurance (+1.2%) and Consumer Goods (+0.1%) indices recorded gains, while the Oil & Gas (- 0.5%) and Banking (-0.4%) indices declined. The Industrial Goods index closed flat.

As measured by market breadth, market sentiment was positive, as 20 companies’ stocks gained relative to 14 companies’ stocks lost.

The gainers’ chart was dominated by MEYER (+9.5%), CHIPLC (+9.3%), CAP (+6.87%), ACADEMY (+6.38%) and LASACO (+5.77%).

While ETERNA (-9.9%), MRS (-9.9%), LEARNAFRCA (-7.14%), CHAMS (-4.76%), and FTNCOCOA (-4.76%).