Nigerian Exchange Sheds N311bn as Investors Sentiment Drops
The Nigerian Exchange (NGX) market capitalisation fell by about N311 billion on Tuesday as investors sentiment weakened again.
The stock market closed trading activities on a negative note, halting the five days’ rallies. Hence, key market performance indicators declined by -0.33%, and year-to-date return moderated.
The bearish session was primarily driven by profit-taking in some recently appreciated medium- and large-cap stocks such as OKOMUOIL, UACN, TRANSCOHOT, WAPCO, CUSTODIAN and others, across major market sectors.
Consequently, the All-Share Index decreased by 486.66 basis points to close at 146,940.29, while the market capitalization lost ₦310.83 billion to close at ₦93.66 trillion.
Stockbrokers reported that market activities inched higher as the total volume of all trades and their total value rose by +258.35% and +118.18% respectively.
In a note, investment firm Atlass Portfolio Limited told investors that approximately 1,973.99 million units valued at ₦30,231.48 million were transacted across 23,038 deals.
ACCESSCORP was the traded company stock, accounting for 19.46% of the trading volume, followed by CORNERST (12.30%), CONHALLPLC (8.42%), FCMB (8.28%), and JAPAULGOLD with 6.58%.
STANBIC topped value chart, accounting for 17.89% of the total value of all trades executed in the local bourse on Tuesday. LEARNAFRICA led gainers chart, up by +9.57%, trailed by MECURE (+8.72%), DEAPCAP (+7.50%), INTENEGINS (+6.52%), RTBRISCOE (+5.96%), WAPIC (+5.66%), and fifteen others.
A total of thirty-two stocks depreciated in the local bourse. With a price depreciation of -10.00% each, both AUSTINLAZ and ETERNA topped the worst performers’ chart, followed by TRANSCOHOT (-9.95%), IKEJAHOTEL (-9.65%), UACN (-9.09%), and VERITASKAP (-6.95%).
Hence, the market breadth closed on a negative note, as there were 21 gainers and 32 losers. Sectoral performance was negative, reflecting negative sentiment across key indexes.
The Insurance sector decreased by -1.53%, followed by the Industrial goods sector (-0.06%) and the Banking sector (-0.05%). Only the Oil & Gas sector increased by +0.08%, while the Consumer goods sector remained unchanged (0.00%) Fidelity Bank Rises as Investors Take Positions Ahead of Q4
