• Friday, March 29, 2024
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BusinessDay

The stock market at midday continues weak trend

The stock market midday today is still seeing little or no trades in most of the bellwether stocks and index with the exception of the banking index on the Nigerian stock exchange (NSE).

The major market mover Dangote after dropping 6.1 percent last friday, with other players in the market which led to the 2.9 percent week on week drop of NSE ASI, while Year to date (YTD) loss moderated to -7.3 percent has been flattish at its closing price of N214 last Friday, with no trades done on the stock as at midday when businessday viewed the stock market.

Other key players in the industrial index CCNN and WAPCO has also been hovering around their opening price of N30.9 and N28 since the week began.

The oil and gas index is also on a slow start this week with major players like Seplat, Conoil, 11plc and Total experiencing little or no trades as at the time of reporting.

The agricultural index with Okumu Oil and Presco with share price of N73.10 and N60 respectively the same since the week started also starting the day with low volume of trades.

The only active index under watch by businessday appears to be the banking index with the tier 1 banks, with trades pouring in by the minutes but seems to be on selloffs. The most active appears to be UBA with a volume of 22 million at a value of N207.78 million, however its share price is down by 3 percent. The stock had 90 percent of its total trade just one hour of the opening of the market.

Zenith bank is also one seeing a lot of activity this morning with 6.4 million volumes with a value of N150.38 million with trades picking up but its share price is also down by 1 percent. Access bank appears to be coming up, however its price has also fallen by 1 percent, currently trading at N9.50.

GTBank is picking up with trades coming in. It’s price has fallen by 2 percent trading at N37.95. FBNH appears to be the only tier 1 bank who have gained today as it at midday today it has appreciated by 1 percent to its current price of 9.65 from its opening of 9.55, is trading with a volume of 4.17 million with a value of N39.95 million.
The selloffs that the banking index is seeing can only be a continuation of the profit taking by investors who are still scared of the upcoming election.