NGX Index Slumps as GTCO, BUA Shareholders Trim Holdings
The Nigerian Exchange (NGX) closed on a bearish note as profit-taking weighed on market performance. The NGX All-Share Index declined by 0.29% to 251,913.20 points, while market capitalisation fell by about N487 billion to N163.53 trillion.
This downturn was largely driven by sell-offs in some medium- and large-scale stocks, including UNILEVER, MAYBAKER, GTCO, BUACEMENT, and others.
This resulted in a reduction of N486.63 billion in investors’ wealth, underscoring the impact of profit-taking in GTCO, which lost 3.28% of its market value following weak earnings.
Market activity was down, with the total volume and total value of all transactions executed on the local bourse dropping by 46.94% and 13.92%, respectively.
Stockbrokers reported that approximately 538.27 million units, valued at N33,564.73 million, were transacted in 46,865 deals.
GTCO was the most traded stock in terms of volume, accounting for 16.23% of the total volume of shares traded in the market, followed by UBA (8.93%), FIDELITYBK (8.35%), ACCESSCORP (7.65%), and ZENITHBANK (6.26%) to complete the top 5 on the volume chart.
Stockbrokers also reported that GTCO emerged as the most-traded stock by value, accounting for 34.26% of the exchange’s total trading value.
NPFMCRFBK and LIVINGTRUST both topped the advancers’ chart for today with a price appreciation of 10.00 per cent each, followed by WAPIC (+9.95%), VFDGROUP (+9.84%), ABCTRANS (+9.82%), CMFC (+9.78%), JOHNHOLT (+9.68%), and twenty others.
Thirty-two stocks depreciated, with SOVRENINS the top loser at -9.92%, followed by UNILEVER (-8.55%), NEIMETH (-6.02%), GTCO (-3.28%), BUACEMENT (-3.10%), and ACCESSCORP (-2.51%).
The market breadth closed negatively, recording 27 gainers and 32 losers. Sectoral performance was largely negative, with only one index closing higher.
The Banking (-0.91%) and Industrial Goods (-0.91%) indices led the bearish run, pressured by losses in GTCO (-3.28%) and BUACEMENT (-3.10%), respectively.
The Consumer Goods (-0.83%) index also closed lower, dragged by price declines in INTBREW (-5.45%). Meanwhile, the Insurance (+0.38%) index edged higher, driven by gains in WAPIC (+9.95%). Elsewhere, the Commodities and Oil & Gas indices closed flat.
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