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  • Updated: March 09, 2022

NGX Equity Market Loses N58.34 Billion Amid Profit-Taking Activities

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

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Profit-taking dominated trading activities in the domestic bourse following a sell-off on the shares of SEPLAT (-4.26%) and UBA (-0.59%).

Thus, the all-share index fell even more by -0.23% to close at 47,154.35 basis points, down 108.26 bps from the previous day's close of 47,262.61 basis points.

Consequently, the ASI index declined further by 328.38 bps from the 52-week high position all-share index of 47,482.73 basis points (the highest resistance point).

The Week-to-Date (W-t-D) and Month-to-Date (M-t-D) indices fell by -0.24% and -0.51%, respectively, while the Year-to-Date (Y-t-D) index increased by +10.39%.

Fortunately, the volume of trade grew by 158.64% to close at 754.93 million units traded in 4,330 transactions, compared to the previous session's figure of 291.88 million units traded, while the value of shares grew by 27.41% to close at NGN3.64 billion, compared to the previous session's figure of NGN2.82 billion traded.

Consequently, the equity market's loss continued as it lost NGN58.34 billion following its equity market position of NGN25,413.63 trillion as against its previous day's close of NGN25,471.97 trillion.

UNITYBNK, was the most dominant stock by volume traded with 525.28 million units traded, while GTCO continued its dominance in the value section of trade with NGN766 billion worth of shares traded.

NESTLE, with a share value of NGN430.9 million, and GTCO, with a volume trade of 29.4 million units, were some of the notable mentions.

As measured by market breadth, the mood in the market was negative as 27 stocks lost relative to 15 stocks that gained.

The most gains were made by NIGERINS (+9.52%), which closed trading at NGN0.23/unit, CHIPLC (+8.47%), which closed trading at NGN0.64/unit, CUTIX  (+8.30%), which closed trading at NGN2.48/unit, and NGXGROUP (+6.97%), which closed trading at NGN22.25/unit, while JAIZBANK (-10.00%), which closed trading at NGN0.72/unit, CONOIL (-10.00%), which closed trading at NGN23.85/unit, UPL (-9.97%), which closed trading at NGN2.62/unit, and NEM (-9.87%), which closed trading at NGN3.56/unit, registered the most losses.

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

More From this Author

TOP 5 MARKET LOSERS

Index Open Close Change
NEM INSURANCE PLC 4.41 3.97 -9.98
OKOMU OIL PALM PLC 216.90 195.30 -9.96
UNIVERSITY PRESS PLC 2.12 1.91 -9.91
S C O A NIG. PLC 1.94 1.75 -9.79
LASACO ASSURANCE PLC 1.15 1.04 -9.57
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