Business
OPENING the week, investors interest in the stocks of BUA Foods, FBN Holdings, Zenith Bank, among others advanced equities boosted the overall market index by 0.07 per cent.
Specifically, the market capitalisation which opened at N55.129 trillion, gained N37 billion or 0.07 per cent to close at N55.166 trillion.
The All-Share Index also rose by 0.07 per cent or 64 points to settle at 96,037.28, against 95,973.45 recorded on Friday.
Consequently, the Year-To-Date (YTD) return increased by 28.44 per cent.
Also, market breadth closed positive with 28 gainers and 18 losers on the floor of the Exchange.
On the gainers’ table, Eterna led by 10 per cent to close at N23.10 per share, while Transnational Power led the losers’ table by 9.99 per cent to close at N335.20 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session with the value of transactions down by 15.73 per cent.
A total of 390.51 million shares valued at N3.88 billion were exchanged in 9,242 deals, in contrast to 327.28 million shares valued at N4.61 billion traded in 7,351 deals posted in the previous session.
Meanwhile, Veritas Kapital led the activity chart in volume with 67.27 million shares, while Zenith Bank led the chart in value with deals worth N503.54 million.
In its weekly financial review and outlook, Analysts at Cowry Asset Management Ltd., said that the NGX index’s current position is below the T-line.
The analysts explained that this is along with the 50-day Exponential Moving Average (EMA) and 50-day Simple. Moving Average (SMA), signals underlying weakness in the market.
They noted that this alignment of technical indicators reflect a broader caution, suggesting that the market is struggling amid evolving fundamentals and technical conditions.
“The breach of these key moving averages often point to a potential downtrend, indicating that market sentiment remains bearish for the time being,” the analysts said. (NAN)
A.I
Aug. 27, 2024
Tags: BUA Foods FBN Holdings Zenith Bank
