Stock market rounds as NGX-ASI recedes by 0.26%

Transactions on the Nigerian equity market on Friday closed negative, reversing the previous day’s gain.

The NGX-ASI declined by 0.26 per cent to 46,842.86 from 46965.48 posted on Thursday.

This indicated a year-to-date increase of 9.66 per cent.

The performance was due to sustained selloffs in Tier-1 banking, namely; Gauranty Trust Bank Company(GTCO), First Bank of Nigeria Holdings (FBNH) and Access Bank (ACCESSCORP).

Similarly, the market capitalisation also decreased to N25.253 trillion from N25.311trillion recorded on Thursday.

Analysts at GTI Securities say, “Bearish sentiment returns to the stock market, with the trading activities on equities remain dismal.

“We expect the coming week to continue with this trend as investments in other asset classes prevail.”

The market breadth closed negative as 12 stocks appreciated against 37 stocks that declined.

NAHCO led the gainers’ table in percentage terms increasing by 10 per cent to  close at N4.29 per share.

Multiverse followed with 9.52 per cent to close at 23k, while Meyer Pharmaceutical added 9.09 per cent to close at 72k per share.

Fidelity Bank  gained 7.19  per cent each to close at N3.43 per share.

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On the other hand, Redstar Express shed 10 per cent to close at N2.70, while Total trailed with 9.97 per cent to close at N238.50 per share.

Conoil dipped 9.92 per cent to close at N22.25, while Cutix dropped 9.69 per cent to N2.05 per share.

Scoa was down by 9.66 per cent to close at N2.15 per share.

The total volume traded stood 257.33 million units, valued  N2.86 billion, and exchanged in 4,586 deals.