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  • Business - Market Data
  • Updated: December 02, 2021

Uncertainty Hits NGX Equity Market As Losses Continue

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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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Despite moves by CORNERST and FBNH to drive the equity market indices upward, investors were not motivated enough as sell-off activities in MTNN (-10.0%), AFRIPRUD (-7.63%), ROYALEX (-5.56%), and HONYFLOUR (-5.32%) forced a bearish closure.

Unfortunately, the benchmark index declined by 1.8% to close at 42,463.16 basis points, down from its previous day's figure of 43,248.05 basis points. Though unexpected, it wasn’t strong enough in the larger scheme of things to approach the 52-week low (support line) of 34,250.74 basis points.

Consequently, the Week-to-Date and Month-to-Date declines of -1.95% and -1.81% reflected the overall market mood but still weren’t strong enough to halt the Year-to-Date gain of +5.44%.

Furthermore, following the 774.89 basis point dip in the ASI index, the market capitalization declined further to NGN22,157.22 trillion from its previous day figure of NGN22,566.78 trillion.

This decline signified a loss of another NGN409.58 billion to the NGX Equities market.

However, the total volume of trades increased by 49.2% to 335.48 million units, valued at NGN3.55 billion, and exchanged in 3,891 deals.

FBNH was the most traded stock by volume, taking up 39.94% of the volume traded and valued at 134 million units and NGN1.57 billion, respectively.

FBNH was followed by UNIVINSURE, which took up 10.79% of the volume trade share worth 36.19 million units.

ZENITH BANK shares worth NGN440.11 million took up 12.39% of the share value traded.

On the sector analysis, the banking (-1.2%), consumer goods (-0.1%), and oil & gas (-0.1%) indices declined, while the insurance (+0.8%) index gained. The industrial goods index stayed flat.

As measured by market breadth, market sentiment was negative, as 21 companies lost relative to 14 gainers.

Finally, the gainers' chart was dominated by MTNN (-10.00%), AFRIPRUD (-7.69%), ROYALEX (-5.56%), and HONYFLOUR (-5.32%), respectively, while the losers' chart was led by CORNERST (+7.69%), MANSARD (+7.55%), and CHAMS (+5.00%).

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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 GAINERS

Index Open Close Change
TRANSCORP HOTELS PLC 5.36 5.89 9.89
BETA GLASS PLC 57.00 62.55 9.74
MCNICHOLS PLC 1.77 1.94 9.60
VERITAS KAPITAL ASSURANCE PLC 0.21 0.23 9.52
MULTIVERSE MINING AND EXPLORATION PLC 0.22 0.24 9.09
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