Stock Market Cap Falls by N13bn as Investors Take Profit
STOCK MARKET: The Nigerian Exchange (NGX) market capitalisation fell by about N13 billion midweek as a result of profit-taking activities on listed companies’ stocks that had recorded gains in the recent past.
The negative price movements in the local bourse halted the market’s bullish run, dragging key performance indicators down by 0.03%.
Stockbrokers reported that year-to-date return moderated on Wednesday, though the rate of return still trends ahead of an annual inflation rate of 25.8%, as per the statistics office figure released.
According to stock market trading results, the NGX year-to-date return moderated to 33.34% due to equities investors’ profit-takings.
In its market update, Atlass Portfolios Limited told investors that the market index or NGX All-Share Index went down by 23.50 basis points, representing a decrease of -0.03% to close at 68,335.72.
Given the trading patterns, equities market activities were down; total volume and total value traded for the day dropped by -16.27% and -8.61% respectively, stockbrokers reported.
Atlass Portfolios Limited told investors that approximately 566.63 million units valued at ₦5,386.24 million were transacted in 8,201 deals.
OANDO was the most traded stock in terms of volume, accounting for 19.46% of the total volume of trades. The indigenous energy company was followed by COURTVILLE (11.68%), CHAMS (9.98%), JAPAULGOLD (6.48%), and ACCESSCORP (5.76%) to complete the top 5 on the volume chart.
Likewise, OANDO was also the most traded stock in value terms, with 29.72% of the total value of trades on the exchange.
SUNUASSUR topped the advancers’ chart for today with a price appreciation of 10.00 per cent, trailed by BERGER (9.91%), CHAMS (+9.77%), OANDO (+9.77%), MRS (+9.47%), and twenty-one others.
Twenty-nine stocks depreciated, where TRANSCOHOT was the top loser, with a price depreciation of -10.00%, as IKEJAHOTEL (9.93%), CHIPLC (-7.41%), LIVESTOCK (-4.98%), CUSTODIAN (-4.73%), and DANGSUGAR (-3.65%) also dipped in price.
According to stockbrokers, the market breadth closed negative, recording 26 gainers and 29 losers. In addition, the market sector performance closed par.
The Banking and Consumer goods sectors were down by -0.97% and -0.40% respectively, while the Oil & Gas and Industrial sectors grew by +0.63% and +0.02% respectively.
The Insurance sector closed unchanged. Overall, the equities market capitalisation lost ₦12.87 billion, representing a decline of -0.03%, to close at ₦37,400.62 trillion from ₦37,413.49 trillion yesterday. #Stock Market Cap Falls by N13bn as Investors Take Profit Nigerian Treasury Bills Yield Rises to 7%