MTN, Aradel Selloffs Drag NGX Index, Investors Lost N1.33trn
MTN Nigeria, Aradel Holdings, Eterna and other shareholders’ sell-offs knocked more than N1.33 trillion from the Nigerian stock market on Thursday, reflecting sustained portfolio rebalancing ahead of Q3 earnings release.
Equities investors trading highs and lows on the Nigerian Exchange (NGX) have continued to trim their holdings as markets anticipated the release of listed companies’ financials for the season to start dropping.
The market extended its decline to a seventh consecutive session, with key performance indicators down 0.82%.
The downturn was led by losses in Telecom stocks and among key players in the Oil & Gas sector; selling pressure in other medium- and large-cap stocks further weighed on market performance.
Top counters that declined on the local bourse on Thursday include MTNN, ARADEL, OANDO, TRANSCORP, PZ, FIDELITYBNK, and DANGSUGAR, among others.
Consequently, the All-Share Index fell by -2,054.25 basis points to close at 248,042.50. Also, market capitalisation fell by ₦1,333.81 billion to close at ₦161.05 trillion.
The total volume and total value of all shares traded on the local bourse increased by 10.12% and 65.64%, respectively. Stockbrokers reported that approximately 492.23 million units, valued at ₦38,021.04 million, were transacted in 38,711 deals.
ZENITHBANK drove the volume, accounting for 9.77% of all shares traded in the market, followed by WEMABANK (8.92%), ACCESSCORP (8.78%), FCMB (6.68%), and MULTITREX (5.56%).
By value traded, PRESCO accounted for 19.70% of the total, making it the most traded on the exchange. ETRANZACT led the gainers chart, up 10.00%, followed by LIVESTOCK (+9.09%), GUINEAINS (+8.97%), LEARNAFRCA (+8.93%), MULTITREX (+7.69%), CAVERTON (+3.85%), and 19 others.
A total of thirty-two stocks depreciated. With a price depreciation of -10.00% each, ARADEL and ETERNA topped the worst performers’ chart, followed by CUTIX (-9.02%), CMFC (-8.98%), NPFMCRFBK (-8.70%), CHAMPION (-8.68%), and UPDC (-8.24%).
Hence, the market breadth closed on a negative note, with 25 gainers and 32 losers. Sectoral performance was negative today, with four of the five major market sectors declining.
The Oil & Gas sector decreased by 3.87%, followed by the Insurance sector (-0.44%), the Banking sector (-0.18%), and the Industrial goods sector (-0.005%). Only the Consumer goods sector increased by 0.08%. FirstHoldCo Shrinks by 5% on Pre-Earnings Sell Pressure
