N2.34trn Wiped Off Nigerian Market as MTN, Dangote Sink
The Nigerian stock market shrank by N2.34 trillion as investors dumped MTN Nigeria and Dangote Sugar Refinery, Lafarge Africa (WAPCO), among others.
The Nigerian Exchange (NGX) opened the week in negative territory, with a 1.57% decline in key performance indicators. The year-to-date return moderated to 46.78% due to declining investors sentiment.
The sustained bearish sentiment prompted profit-taking in mid-cap and blue-chip stocks, including MTNN, WAPCO, ZENITHBANK, DANGSUGAR, and others.
The NGX All-Share Index fell by -3,682.70 basis points to close at 228,366.32, and market capitalisation declined by ₦2,34 trillion to close at ₦146.54 trillion.
However, market activity was up, with total transaction volume and value in the local bourse increasing by 156.37% and 137.27%, respectively.
Stockbrokers reported that approximately 996.47 million units, valued at ₦43,729.50 million, were transacted in 61,813 deals.
As regards volume, IKEJAHOTEL generated 28.98%, emerging as the most traded, followed by ACCESSCORP (27.50%), STERLINGNG (3.16%), CHAMS (2.91%), and DANGSUGAR (2.79%).
In terms of value traded, IKEJAHOTEL accounted for 29.66% of the total, making it the most actively traded on the exchange.
UPDC topped the gainers chart, up by +9.23%, trailed by CNIF (+5.45%), SOVRENINS (+4.08%), CORNERST (+3.45%), NEIMETH (+3.03%), LIVESTOCK (+1.92%), and seven others.
A total of forty-six stocks depreciated. With a price depreciation of -10.00% each, LEARNAFRCA, MTNN, and UNILEVER topped the worst performers’ chart, followed by AUSTINLAZ (-9.94%), ABBEYBDS (-9.94%), UNIVINSURE (-9.90%), ETRANZACT (-9.83%), CADBURY (-9.82%) and Dangote Sugar (- 6%).
Hence, market breadth closed on a negative note, with 13 gainers and 46 losers. Sectoral performance was negative, with all five major market sectors declining.
The Insurance sector led the decline by -1.33%, followed by the Banking sector (-1.22%), the Consumer Goods sector (-0.63%), the Industrial Goods sector (-0.39%), and the Oil & Gas sector (-0.06%).
