Equities Investors Lose N719bn as FirstHoldco, GTCO Decline
Equities investors lost about N719 billion on the Nigerian Exchange (NGX) as they dumped shares of FirstHoldco, GTCO, Zenith Bank, and FCMB in fresh sell-offs.
The Nigerian equity market closed trading for the day on a bearish note, with key market performance indicators down 0.44%.
The retreat, which was led by the Banking sector, was driven largely by renewed profit-taking in recently appreciated medium- and large-cap stocks across key market sectors.
Stockbrokers listed FIRSTHOLDCO, ZENITHBANK, FCMB, and GTCO among decliners that dragged the local bourse indicators lower.
Consequently, the All-Share Index fell by -1,107.28 basis points to close at 252,882.78, while market capitalisation fell by ₦718.95 billion to ₦164.19 trillion.
Total volume of all shares traded, and their total value in naira terms declined by 92.28% and 93.68%, respectively. In its market update, Atlass Portfolio Limited told investors that it transacted approximately 404.11 million units, valued at ₦27,907.99 million, across 39,012 deals.
UBA drove volume, accounting for 9.67% of all shares traded on the local bourse, followed by ACCESSCORP (7.72%), ZENITHBANK (7.68%), GTCO (6.61%), and FTGINSURE (4.11%).
DANGCEM topped the value chart, accounting for 17.72% of total trade value and making it the exchange’s highest-traded stock.
SOVRENINS led the gainers chart, up 10.00%, followed by AUSTINLAZ (+9.21%), UBA (+6.83%), CMFC (+5.71%), UPL (+4.60%), TIP (+4.52%), and 19 others. A total of thirty (30) stocks depreciated.
FIRSTHOLDCO led the worst performers, down 10.00%, followed by TRIPPLEG (-5.51%), ETRANZACT (-4.76%), ROYALEX (-4.76%), FTGINSURE (-4.76%), and LIVESTOCK (-4.63%).
As a result, market breadth closed negative, with 25 gainers and 30 losers. Sectoral performance was negative today, with four of the five major market sectors declining.
The Banking sector fell 2.36%, followed by Industrial goods (-0.31%), Insurance (-0.13%), and Oil & Gas (-0.03%). Only the Consumer goods sector rose 0.13%. Fitch Revises Lagos State’s Outlook to Positive
