NGX Halts Uptrend as FBNH, Nestlé Stocks Drive Day Loss
The Nigerian Exchange (NGX) halts the uptrend seen in the past five days as FBNH, Nestlé Plc.’s stocks drive loss amidst the ongoing third-quarter earnings season. The market had closed weak with moderate gain yesterday as buying interest tumbled.
Consequently to the bearish outing recorded, The Nigerian Exchange All-Share Index (NGX-ASI) declined by 0.06 per cent as the equity market halted the five trading session winning streak.
Commenting on the market movement, stock analysts at Atlass Portfolios Limited said the decline follows the profit-taking on FBNH shares by investors and sell-off on NESTLE, including 13 others.
Consequently, the All-Share Index dipped by 25.35 basis points, representing a decline of 0.06 per cent to close at 41,789.59. Points. Also, year to date return moderated. Closed lower, the equity capitalisation lost ₦12.88 billion to close at ₦21.81 trillion as market activities traded bearishly.
Following the trading pattern seen on the floor of the domestic bourse, total volume and value dipped by 19.43 per cent and 42.49 per cent. NGX report shows that a total of 284.60 million units valued at ₦3.20 billion were transacted in 5,036 deals.
FBNH topped the traded stocks in terms of volume, accounting for 26.54 per cent of the total volume of trades, maintaining the position as the most trading stock.
This was followed by AIICO (6.48%), ETI (6.09%), TRANSCORP (5.35%), and FIDELITYBK (4.93%) to complete the top five on the volume chart. Also, FBNH appeared as the most traded stock in value terms, with 28.04 per cent of the total value of trades on the exchange.
AIICO led in the gainers’ chart as their share prices appreciation of 9.57 percent, trailed TOTAL (5.97%), ETI (2.55%), CUTIX (2.48%), NGXGROUP (2.04%), NB (2.00%), UCAP (1.11%), ZENITHBANK (0.81%), WAPCO (0.80%), ACCESS (0.53%), GTCO (0.18%) and 12 others.
On the contrary, 15 stocks declined in price led by GLAXOSMITH with price depreciation of 10.00 per cent to close at ₦6.30, as FBNH (-6.05%), AFRIPRUD (-3.94%), CUSTODIAN (-3.75%), PZ (-1.54%), FIDELITYBK (-0.72%), UBA (-0.59%), and NESTLE (-0.36%), also depreciated in price.
However, the market breadth closed positive, recording 23 gainers and 15 losers. #NGX Halts Uptrend as FBNH, Nestlé Stocks Drive Day Loss. Related story: Retail Investors Exit from Stock Market Halts Uptrend
