Equities Investors Lose N648bn as Bears Regain Control on NGX
The Nigerian Exchange (NGX) All-Share Index (ASI) declined as equities investors lost about N648 billion, reversing the previous day’s rebound.
Due to profit-taking in banking names, the stock market closed trading activities negatively as key performance indicators decreased by -0.41%.
Stockbrokers reported that profit-taking in mid-cap and blue-chip stocks. The selloffs dragged the market index down by -1,004.38 basis points to close at 246,980.17. Also, stock market capitalisation reduced by ₦647.99 billion to close at ₦159.34 trillion.
Total Volume of all trades increased by +12.11% while the total transaction value plunged by -7.23%. In a note, Atlass Portfolio Limited reported that approximately 758.88 million units valued at ₦33,794.90 million were transacted across 55,251 deals.
FCMB drove volume, accounting for 12.22% to emerge the most traded, followed by FIRSTHOLDCO (9.40%), ACCESSCORP (5.72%), STERLINGNG (4.74%), and ZENITHBANK (4.10%).
FIRSTHOLDCO topped the value chart, accounting for 26.03% of the stock market transaction value, thereby making it the highest traded on the exchange.
LASACO topped the gainers chart, up by +10.00%, trailed by CNIF (+9.98%), NEM (+9.97%), SUNUASSUR (+9.83%), PRESTIGE (+7.14%), CONHALLPLC (+6.52%), and seventeen others.
A total of forty-four stocks depreciated. With a price depreciation of -10.00% each, LEGENDINT and CORNERST topped the worst performers’ chart, followed by TIP (-9.91%), GUINEAINS (-9.78%), ABCTRANS (-9.45%), NREIT (-8.85%), and STERLINGNG (-6.83%).
Hence, market breadth closed on a negative note, with 23 gainers and 44 losers. Sectoral performance was negative today as four of the five major market sectors declined.
The Banking sector led by -1.37%, followed by the Industrial goods sector (-0.68%), the Oil & Gas sector (-0.08%), and the Consumer goods sector (-0.07%). Only the Insurance sector increased by +2.69%.
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