Last week, the benchmark NGX All Share Index fell for the fifth week in a row. From its most recent peak in May, the ASI has now declined by 11.9%, implying that the market is now in correction territory.
However, Tuesday’s trading saw the market close on a rather positive note as equities extended gains from the previous session. The All-Share Index rose 0.45%, the most since 25 August, to close at 47,565.92 points. The market’s performance was primarily driven by a rally in BUACEMENT (+8.65%). Consequently, the ASI’s year-to-date (YTD) return rose to 11.35%, while the market capitalization gained ₦116.05bn to close at ₦25.91trn.
Analysis of the day’s market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions increasing by 11.09%. A total of 125.65m units of shares valued at ₦1.90bn were exchanged in 4,188 deals. GTCO (-0.29%) led the volume and value charts with 38.87m units traded in deals worth ₦659.10m.
Market breadth closed negative at a 1.25-to-1 ratio, with declining issues outnumbering advancing ones. UPL (-8.54%) led fourteen (14) others on the laggard’s table, while MAYBAKER (+9.76%) topped eleven (11) others on the gainer’s log.
