NGX All-Share Index extends decline, down 3bps on Thursday

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BY BAMIDELE FAMOOFO

Uba Group

Nigerian equities extended losses for the second consecutive session as the All-Share Index closed 0.03 percent lower at 50,582.30 points. Continued selloffs of market heavyweight BUACEMENT (-4.51%) were the primary driver of the market’s weak performance.

Nonetheless, the index remains on track for its first weekly gain in three weeks. As a result, the year-to-date (YTD) return fell to 18.41 percent, while the market capitalisation lost N6.83bn to close at N27.28trn.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 61.08 percent. A total of 130.45m units of shares valued at N1.62bn were exchanged in 3,993 deals. AIICO (-3.39%) led the volume chart with 16.32m units, while MTNN (+0.05%) led the value chart in deals worth N403.58m.

Market breadth closed positive at a 1.50-to-1 ratio, with advancing issues outnumbering declining ones. PZ (+10.00%) led twenty-three (23) others on the leader’s log, while MULTIVERSE (-10.00%) topped fifteen (15) others on the laggard’s table.