NGX Declines as Investors Dump Banking Stocks
The Nigerian Exchange (NGX) declines on Tuesday as equity investors dump Access Bank, UBA and Zenith stocks, supported by price depreciation in Eterna and Oando.
Consequently, market performance indicators tanked marginally by 0.01 per cent but year to date return steadies at 5.3%. Retail investors are pulling out from the market, according to some insider analysts.
MarketForces Africa analysts had reported offensive selling rallies ongoing in the local bourse, with one day gain, and another selloff taking place next trading session.
Today, market data shows that the Nigerian Exchange All-Share Index dipped by 6.14 basis points, representing a decline of 0.01 per cent to close at 42,388.57 points.
Due to profit-taking activities, stock market capitalisation lost ₦3.20 billion to close at ₦22.13 trillion. Meanwhile, the market activities were bullish as the total volume and value traded rose by 94.08 per cent and 58.29 per cent, respectively.
A total sum of 275.93 million units valued at ₦3.94 billion was transacted in 3,489 deals, according to data from the Nigerian Exchange. In a market report, Atlass Portfolios Limited said UACN surpassed the traded stocks in terms of volume, accounting for 27.50 per cent of the total volume of trades.
The conglomerate stock was followed closely by FBNH (24.85%), UBA (6.06%), STANBIC (4.83%), and COURTVILLE (2.57%) to complete the top five on the volume chart.
However, FBNH emerged as the most traded stock in value terms, with 21.26 per cent of the total value of trades on the exchange.
MEYER led the advancers’ chart with a price appreciation of 9.52 per cent, trailed by CAP (6.87%), NGXGROUP (3.01%), HONYFLOUR (1.45%), ETI (0.56%), UCAP (0.50%), MTNN (0.05%), NESTLE (0.01%) and thirteen (13) others.
Today, a total of fifteen (15) stocks depreciated, led by ETERNA with a price depreciation of 9.91 per cent to close at ₦5.00.
JAPAULGOLD share price lost 7.69% of opening value today, GLAXOSMITH dipped 3.23%, NEIMETH fell 2.23%, OANDO slumped 1.09%, ZENITHBANK tumbled 0.80%, UBA slowdown 0.62%, and ACCESS shed 0.55% and UACN dropped of 0.53%.
Despite the selling rallies, the market breadth closed positive, recording 21 gainers and 15 losers.
The sector performance was relatively positive, as three of the five sectors appreciated, led by Insurance (1.17%), trailed by Consumer Goods (0.05%) and Industrial Goods (0.02%), while Oil & Gas and Banking sectors dipped by 0.45% and 0.43%, respectively. #NGX Declines as Investors Dump Banking Stocks
