Stanbic IBTC, Guinness Drag NGX Index, Investors Lose N102bn
The Nigerian Exchange (NGX) All-share index (ASI) declined on Friday due to last minutes selloff in Stanbic IBTC Bank, Guinness Nigeria and other decliners.
The modest decline, which halted the market’s bullish momentum, was amplified by profit-taking, mainly in other stocks including MCNICHOLS, ZICHIS, and NB.
The market index fell by -159.97 basis points in today’s trading session, indicating a -0.07% decline to close at 243,798.76. Also, equities market capitalisation reduced by ₦102.65 billion to close at ₦156.45 trillion.
Despite the slight decline recorded in today’s session, the overall market posted a robust week-on-week performance. NGX-ASI advanced by 6.35% over the week.
Stock market activity was low, as the total volume and the total value of all trades declined by 73.36% and 82.67%, respectively. Stockbrokers reported that approximately 441.27 million units valued at ₦19,402.34 million were transacted across 44,938 deals.
ACCESSCORP drove volume, accounting for 9.13% of units traded followed by STERLINGNG (6.88%), FIDELITYBK (5.97%), ZENITHBANK (5.07%), and FIRSTHOLDCO with 4.32%.
ZENITHBANK accounted for 12.78% of the total value of trades, making it the most actively traded on the exchange.
NIDF topped gainers chart, up by +10.00%, then trailed by INTBREW (+9.92%), NEM (+9.61%), JAIZBANK (+6.36%), UPDC (+6.33%), LIVESTOCK (+6.32%), and twenty-four others.
A total of twenty-eight stocks depreciated. With a price depreciation of -10.00%, THOMASWY topped the worst performers’ chart, followed by GUINNESS (-9.99%), IKEJAHOTEL (-9.96%), ZICHIS (-9.94%), MCNICHOLS (-9.91%), and TRIPPLEG (-9.85%).
Mid cap stock Stanbic IBTC bank lost 6.6% of its market value due to deteriorated investors sentiment. Hence, market breadth closed on a positive note, with 30 gainers and 28 losers.
Sectoral performance was positive today as four of the five major market sectors increased. The Consumer goods sector led by +0.49%, followed by the Oil & Gas sector (+0.17%), the Insurance sector (+0.06%), and the Industrial goods sector (+0.0005%). Only the Banking sector declined by -0.78%. #Stanbic IBTC, Guinness Drag NGX Index, Investors Lose N102bn#
