x

NSEASI inches up marginally by 0.03% amid negative market breadth

Nigerian stock market closed on a positive note yesterday, as NSEASI appreciated by +0.03% to close at 32,152.90 basis points as against -0.18% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.93%.

Market breadth closed negative as Unity Bank led 16 Gainers as against 26 Losers topped by C.I. Leasing at the end of yesterday’s session- an Unimproved performance when compared with previous outlook.

Market turnover closes positive as volume moved up by +181.30% as against +17.19% uptick recorded in the previous session. Ikeja Hotel, FBNH and Diamond Bank were the most active to boost market turnover. Ikeja Hotel and Nestle topped market value list.

Unity Bank leads the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.

The low volume of trading activities on the Nigerian Stock Exchange continued on Monday, following which the benchmark indicators again closed lower.

The benchmark index started the week marginally on the upside in the morning session, after which it oscillated through the mid-morning till midday as equities that had suffered heavy losses, hitting 52-week lows, staged a rebound. This was helped by their seemingly low price attractions, before witnessing a pullback by the afternoon, after touching intraday highs of 32,218.71 basis points, from a low of 32,123.14bps. There was however a retracement up in the last minutes to close the day at 32,143.41bps on a slightly improved volume.

The rumour of a planned acquisition of Diamond Bank Plc, by Access Bank, a peer, triggered selloffs in banking sector stocks, following which NSE Banking index shed 1.03%. Note that some second-tier banking stocks continue to witness sell pressure since the announcement by the Central Bank of Nigeria (CBN) noted in its half-year report published recently that three commercial banks have liquidity ratios below the 30% regulatory minimum. This is also despite the drop in the non-performing loans (NPL) ratios of bank from the previous 14.75%, to 12.45%, which we note is still very high, compared to 5% threshold set by the apex bank.

The huge NPL ratios of some of these second tier banks have negatively affected their bottom-lines, leading to a possible non-payment of dividend to investors by year-end. The recent financials of these banks show their health status, looking at loans, deposits, net assets, retained earnings and other pointers.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Tinubu Lights Up Dakibiyu District, Commissions Connector Road CN-8 Road

By Joyce Rémi-Babayeju President Bola Ahmed Tinubu on Tuesday opened...

Wike Never Allocated Land In Abuja To Children – Aide Insists

By Joyce Remi-Babayeju Senior Special Assistant on Public Communications and...

Tinubu Extols Wike For Localizing Renewed Hope Agenda, Commissions Giri Access Road

By Joyce Remi-Babayeju President Bola Ahmed Tinubu on Monday extolled...

Gov Mutfwang Reaffirms Commitment to Business-Friendly Environment in Plateau

By Israel Adamu, Jos Governor of Plateau State, Barrister Caleb...

One Killed, Homes Razed as Family Members Clash Over Farmland in Plateau

By Israel Adamu, Jos One person has been confirmed dead...

Akume’s Alleged Resignation a Plot to Incite Religious Tension – Northern CAN

By Achadu Gabriel, Kaduna The Christian Association of Nigeria (CAN)...

Kaduna Govt Debunks Alleged 24-Hour Curfew in Kakuri

By Achadu Gabriel, Kaduna The Kaduna State Government has debunked...

Delta Govt Open to Constructive Criticism – Aniagwu

By Anne Azuka The Delta State Government has reaffirmed its...
spot_img

Related Articles

Popular Categories

spot_imgspot_img