Equities Investors’ Wealth Declines By N64bn as NGX Slides
The Nigerian equity market slid by more than N64 billion on Tuesday, reversing its previous gain due to selloffs on some bellwether listed companies’ shares. Consequently, the market performance indicators declined by 0.17%, data from the Nigerian Exchange (NGX) posted on its website showed.
Stockbrokers reported that there were successive profit-taking across some major market sectors, mostly Banking names that dropped by -1.11%. Given the fresh selling and unloading of shares, the stock market year-to-date return (YTD) fell to +30.70%- still racing ahead of an annual inflation rate of 25.8%
The market index or the Nigerian Exchange All-Share Index moderated by 116.71 basis points, representing a drop of -0.17% to close at 66,984.62 points, Atlass Portfolios Limited said in its report, citing data from the local bourse.
However, market activities were mixed, as the total volume traded for the day was reduced by -4.18%, while the total value traded was up by +125.19%. According to stockbrokers’ notes, approximately 257.42 million units valued at ₦7,799.93 million were transacted in 6,498 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 20.76% of the total volume of trades. The tier-2 lender was followed by ACCESSCORP (12.08%), UBA (10.41%), OANDO (5.27%), and ZENITHBANK (4.38%) to complete the top 5 on the volume chart.
Meanwhile, SEPLAT was also the most traded stock in value terms, with 49.36% of the total value of trades on the exchange.
MCNICHOLS topped the advancers’ chart for today with a price appreciation of 10.00 per cent. The company was trailed by CAPHOTEL (9.82%), CHAMS (+9.38%), ABCTRANS (+8.82%), OANDO (+7.61%), and eight others.
Twenty-seven stocks depreciated, according to Atlass Portfolios Limited.
Stockbrokers’ list showed that JOHNHOLT was the top loser, with a price depreciation of -10.00%. PRESCO was down by 9.54%, JAIZBANK lost 6.25%, ETI declined by 5.31%, UNILEVER bumped by 4.33%, and GTCO price moderated by 0.70%.
Following the profit-taking activities on the exchange, the market breadth closed negative, recording 13 gainers and 27 losers. On the other hand, the market sector performance closed negative. BUA Reduces Cement Price, Plans Further Review
Detail from the market showed that three of the five major indices were down, led by the Banking sector, which declined by (1.11%). This was followed by the Insurance sector which declined by 0.71% while the Consumer goods sector lost 0.11%. The Industrial and Oil and Gas sectors closed unchanged today.
Overall, equities market capitalisation plunged by ₦64.12 billion, representing a decline of 0.17%, to close at ₦36.80 trillion from ₦36.87 trillion yesterday. #Equities Investors’ Wealth Declines By N64bn as NGX Slides