The NGX ASI closed the week in red by 2.63% as it closed negative in all the 5 trading sessions during the week. It declined on the back of sell pressures in bellwether stocks such as MTNN (-12.11%) and BOCGAS (-10.00%). Consequently, at 42,167.91 points, the equities market’s Year-to-Date return worsened to 4.71% as market capitalisation decreased by 2.65% to close at N22.00trillion.
Market breadth (a measure of investor sentiment) weakened in the previous week, decreasing from 0.81x to 0.37x as 18 stocks appreciated against 49 stocks that declined. NEM and MEYER topped the market gainers with 18.42% and 10.00% WoW respectively, while UPDC and CHIPLC were the top losers with declines of 24.43% and 20.00% respectively WoW.
The activity level weakened as the trade volume and value improved by 62.79% and 43.91% respectively WoW. A total turnover of 1.278 billion shares worth N17.34 billion in 21,052 deals were traded during the week by investors on the floor of the Exchange. Trading in the top three equities by volume were FBNH, GTCO and ACCESS. They accounted for 470.731 million shares worth N6.571 billion in 3,887 deals; contributing 36.82% and 37.90% to the total equity turnover volume and value respectively.