NGX Loses N426bn as Investors Dump MTN, Stanbic IBTC, HBM
The Nigerian Exchange (NGX) lost about N426 billion on Wednesday, as key indicators closed bearish for the second consecutive session.
The All-share index dipped 0.28% to 251,211.67 points, while market capitalisation fell by N426 billion, according to stockbrokers’ daily market update reviewed by MarketForces Africa.
Heavy sell-offs in major stocks such as MTNN, HBMNG, STANBIC, and others contributed to today’s decline, with the market index shedding 701.53 basis points.
Stockbrokers see this as short-term profit-taking ahead of the third-quarter earnings festival.
Market activity was up, with the total volume and total value of all shares traded on the local bourse increasing by 91.80% and 59.01%, respectively.
Stockbrokers said approximately 1,032.42 million units, valued at ₦53,369.67 million, were transacted in 44,236 deals.
VFDGROUP was the most traded stock by volume, accounting for 41.93% of total trade volume, followed by ABBEYBANK (8.27%), CHAMS (7.29%), GTCO (4.51%), and OANDO (3.97%), completing the top 5 on the volume chart.
GTCO emerged as the most-traded stock by value, accounting for 16.33% of the exchange’s total trading value.
HMCALL topped the advancers’ chart for today with a price appreciation of 10.00 per cent, trailed by CMFC (+9.92%), CORNERST (+9.80%), LIVINGTRUST (+9.79%), ABCTRANS (+9.76%), ROYALEX (+9.52%) and eighteen others.
Twenty-eight stocks depreciated. LEARNAFRCA was the biggest loser, with a price depreciation of 10.00%, followed by FIDELITYBK (-6.07%), ELLAHLAKES (-3.49%), MTNN (-3.01%), ACCESSCORP (-2.25%), and HBMNG (-1.53%).
The Nigerian stock market breadth closed negatively, recording 24 gainers and 28 losers.
Sectoral performance was largely bullish, with three indices closing higher in today’s session. The Industrial Goods (+0.66%) index led the performance, driven by gains in BUACEMENT (+3.20%).
The Consumer Goods (+0.04%) and Oil & Gas (+0.04%) indices rounded out the positive performers, driven by buying interest in UNILEVER (+4.38%) and OANDO (+1.45%), respectively.
Meanwhile, the Insurance (-1.01%) and Banking (-0.58%) indices both closed negatively, dragged down by losses in AIICO (-3.80%) and FIDELITYBK (-6.07%), respectively.
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