NGX Falls as Investors Take Profit on Banking Stocks
The equities segment of the Nigerian Exchange (BGX) ended on a bearish note Thursday following selloffs in banking and consumer goods stocks. Key performance indicators waned as investors lost ₦26 billion to large selloffs.
Trading data show that the Nigerian Exchange All-share index decreased by 47.82 basis points today, representing a decline of -0.09% to close at 52,161.24. Tier 1 banks saw large investors offloads: GTCO (-2.4%), ZENITHBANK (-2.1%), and ACCESSCORP (-3.8%).
Furthermore, market activities were down, as the total volume and total value traded for the day reduced by -13.88% and -12.04% accordingly. Atlass Portfolios Limited said approximately 477.37 million units valued at ₦5,240.70 million were transacted in 5,539 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 35.47% of the total volume of trades. The stock was followed by UBA (21.38%), FIDELITYBK (6.46%), GTCO (6.37%), and ZENITHBANK (3.52%) to complete the top 5 on the volume chart.
Likewise, ACCESSCORP was also the most traded stock in value terms, with 33.26% of the total value of trades on the exchange.
ARDOVA topped the advancers’ chart with a price appreciation of 10.00 percent. The company stock was trailed by NCR (9.87%), MULTIVERSE (9.87%), MRS (+9.84%), and CWG (+9.77%), and seventeen others, according to stockbrokers.
Twenty stocks depreciated, where FCMB was the top loser, with a price depreciation of -5.66% to close at ₦4.00, as ACCESSCORP (-3.77%), STERLINGNG (-3.53%), NEIMETH (-3.33%), and ZENITHBANK (-2.05%) also dipped in price.
The market breadth closed positive, recording 22 gainers and 20 losers. In addition, the market sector performance closed negative, as three of the five major market sectors were down. The Banking sector lost 1.35%, followed by the Consumer goods sector (-0.10%), and the Industrial sector (-0.01%).
Meanwhile, the Oil & Gas and the Insurance sectors advanced by +1.34% and +0.18% respectively. Overall, the equities market capitalisation declined by ₦26.03 billion, representing a drop of -0.09% to close at ₦28,402.12 trillion from ₦28,428.15 trillion the previous day.