NGX Dips N49bn as Equity Investors Sell Shares after Early Rally
The Nigerian Exchange, NGX, records about N49 billion loss the second day after the local bourse gave an impression of a bullish week. After gaining N276 billion on Monday, equity investors began profit booking just as day after in what some analysts see as an offensive selling.
This dragged the stock market lower amidst the expectation that the spot rate on CBN mid-week primary market action could shrink. Turning right or left, the Nigerian financial markets appear unimpressive for newbies that want to put funds in the space.
Today, the NGX pull back from making an uptrend as the market performance indicators shrink by 0.02 per cent. The decline follows investors’ bearish sentiment on some medium and highly capitalized stocks, according to Atlass Portfolios Limited.
Consequently, the Nigerian Exchange All-Share Index dipped by 93.60 basis points, representing a decline of 0.22 per cent to close at 42,317.52 points, data from the local bourse shows.
Overall, equity market capitalisation declined ₦48.84 billion today as investors moods swing negative to close at ₦22.08 trillion. Meanwhile, the market activities were mixed as the total volume traded rose by 17.61 per cent while the total value dipped by 30.09 per cent.
Market data shows that a total of 270.09 million units valued at ₦2.30 billion were transacted in 3,753 deals.
Based on trading results from the local bourse, ACCESS Bank topped as the traded stock in terms of volume, accounting for 20.38 per cent of the total volume of trades.
The bank stock was followed closely by UNIVINSURE (19.68%), UNITYBNK (9.34%), FBNH (7.81%), and INTBREW (7.46%) to complete the top five on the volume chart.
Also, ACCESS Bank emerged as the most traded stock in value terms, with 21.65 per cent of the total value of trades on the exchange.
Meanwhile, CUSTODIAN appeared as the most profitable stock to lead the advancers’ chart with a price appreciation of 9.86 per cent.
The company’s stock was trailed by UACN (6.52%), NGXGROUP (2.88%), HONYFLOUR (1.08%), NB (1.06%), FBNH (0.84%), UCAP (0.51%) and six (6) others.
A total of eighteen (18) stocks depreciated, topped by UPDCREIT with a price depreciation of 6.67 per cent to close at ₦4.2.
GTCO (-5.13%), ETI (-2.69%), PZ (-1.67%), STANBIC (-1.37%), UBA (-1.25%), ZENITHBANK (-1.20%), ACCESS (-1.10%), WAPCO (-0.80%), FLOURMILL (-0.70%) and OANDO (-0.42%) also dipped in price.
According to stock trading data, the market breadth closed negative, recording 13 gainers and 18 losers. However, the sector performance was relatively negative, as three of the five sectors shed valuation.
NGX data shows that Banking (-1.11%), trailed by Oil & Gas (-0.08%) and Industrial (-0.05%), while Insurance and Consumer Goods sectors grew by 0.35% and 0.08%, respectively. #NGX Dips N49bn as Equity Investors Sell Shares after Early Rally
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