Nigeria Market Trends: NSE In Red, The Bears Have The Month of August

The Nigeria Stock Exchange (NSE) market indices declined to close the month of August on a negative note. The key market indicator, the All-Share Index (ASI) declined by 27 basis points while the Market Capitalization also went in the south direction by N55.78 Billion. The observed downward trend was due to sell-offs and mellowed buy-interest by Investors. 

The NGX ASI closed at 39,219.61 points, to reflect a loss of 0.27% from the previous trading day.

Thus, the NSE closed its activities for the eighth month, August 2021  at a valuation of  N20.43 trillion from N20.49 trillion in the previous trading day. The Year-to-Date (YTD) return, stands at –2.61%.

The market breadth closed negative as TRANSCORP led 16 Gainers, and 27 Losers topped by Nigerian Breweries at the end of Tuesday, August 31, 2021 session.

NGX ASI Top gainers

• TRANSCORP up +10.00% to close at N5.17
• HONYFLOUR up +9.74% to close at N4.28
• MORISON up +9.73% to close at N2.03
• FTNCOCOA up +9.62% to close at N0.57
• SKYAVN up +9.46% to close at N4.05

NGX ASI Top losers

• NB down –9.93% to close at N49.45
• LIVESTOCK down –9.83% to close at N2.11
• LASACO down –9.74% to close at N1.39
• UPDC down –7.46% to close at N1.86
• NEIMETH down –7.04% to close at N1.85

NGX ASI Top Traded by Volume

• TRANSCORP – 111,069,696.00 units
• CHAMS – 57,547,337.00 units
• HONYFLOUR – 31,628,689.00 units
• CHAMPION – 23,746,924.00 units
• FIDELITY – 20,646,817.00 units

NGX ASI Top Traded by Value

• ZENITHBANK – N243,555,856.75
• MTNN – N209,191,489.40
• GTCO – N190,301,247.75
• WAPCO – N174,430,123.70
• NB – N167,962,414.50

ANALYST VIEW:

The number of losers on the Market exceeded gainers by a whopping 26.4% thereby indicating gross negative or bearish Market sentiments. Except for significant market development or disruptive economic news, the decliners may still have the day at the end of the Market today.