Lagos Bourse Dips As Market Sentiment Remains Tepid

The Lagos bourse closed trading session on a bearish note yesterday with the NGX All-Share Index (ASI) slipping by 0.06 per cent, shedding six basis points to end at 98,114.11.

The decline, driven by losses in ARADEL (-1.48%), ZENITHBANK (-1.68%), and FBNH (-0.38%), WAPCO (-2.1%), overshadowed modest gains in GTCO (+0.19%), UBA (+0.15%), and FIDELITYBK (+0.63%).

This pullback moderated the Month-to-Date and Year-to-Date returns to +0.6 per cent and +31.2 per cent, respectively, while the market capitalisation contracted by N36.90 billion to settle at N59.48 trillion.

Despite the tepid performance, the total volume traded increased by 39.8 per cent to 714.75 million units, valued at N12.76 billion, and exchanged in 8,354 deals.

CHAMPION led the volume chart with 300.93 million shares traded, while GTCO topped the value chart with transactions amounting to N2.12 billion.

Across sectors, the Banking (-0.3%) and Industrial Goods (-0.2%) indices declined, while the Insurance (+3.1%) and Oil & Gas (+1.1%) indices advanced, leaving the Consumer Goods index unchanged.

The market sentiment leaned positive, as 34 stocks gained relative to 16 losers. UPL (+10.0%) and Cornerstone Insurance (+10.0%) emerged as the day’s joint top gainers, appreciating by 10.00% apiece while REDSTAREX and FTNCOCOA posted the most notable losses of the day, shedding 10.00 per cent and -5.6 per cent respectively.

As the market grapples with mixed sentiments, the interplay between profittaking and bargain hunting continues to shape trading patterns.

Equity market analysts suggest that a decisive break above or below key resistance levels will dictate near-term market direction.