Nigerian Exchange Drops Big as Investors Take Profits
The Nigerian Exchange (NGX) on Monday drops big as equity investors take large profits following a previous rally seen last week. It was noted that the fresh bearish trend that started halted the four consecutive uptrends as the market performance indicators dipped.
Today, the Nigerian stock market lost more than N153 billion. Data shows that the Nigerian Exchange All-share index shed 0.71 per cent while the stock market year to date returns moderated, a similar result seen on the month to date return chart.
NGX has been on gaining streaks in the recent trading session as investors pump money into financial stocks led by buying interest in FBNH. This reverse today as selling rallies start.
Today’s decline was impacted by profit-taking in FBNH, NESTLE, MTNN, amongst others, stock analysts at Atlass Portfolios Limited said in a market report. NGX data shows that the All-Share Index decreased by 293.48 basis points, representing a dip of 0.71 per cent to close at 41,144.67.
Overall, stock market capitalisation lost ₦153.15 billion to close at ₦21.47 trillion. In the same vein, market activities traded negatively as both the volume and value traded declined by 53.53 per cent and 52.43 per cent, respectively.
A total of 338.72 million units of shares worth ₦4.06 billion were transacted from 5,866 Deals, according to market data.
FBNH topped the traded stocks in terms of volume, accounting for 19.96 per cent of the total volume of trades, maintaining the position as the most trading stock, followed by ACCESS (10.81%), TRANSCORP (7.84%), GTCO (7.55%), and FIDELITYBK (5.75%) to complete the top five on the volume chart.
Also, FBNH appeared as the most traded stock in value terms, with 20.52 per cent of the total value of trades on the exchange.
NGXGROUP led the gainers’ chart to emerge as the most profitable stock, with price appreciation of 9.86 per cent, trailed by CUSTODIAN (7.53%), AFRIPRUD (4.51%), FCMB (2.94%), WAPCO (2.70%), STANBIC (1.28%), ETI (0.72%), ZENITH BANK (0.61%), BUACEMENT (0.52%), OKOMUOIL (0.32%) and 9 others.
On the contrary, 21 stocks declined in price led by MAYBAKER with price depreciation of 8.02 per cent to close at ₦0.4.36, as FBNH (-7.48%), NESTLE (-5.07%), WEMABANK (-5.06%), MTNN (-2.86%), UCAP (-2.03%), and DANGSUGAR (-0.28%) also follow suit.
Today, the market breadth closed significantly negative, recording 19 gainers and 21 losers. / Nigerian Exchange Drops Big as Investors Take Profits
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