Nigerian Exchange Tumbles as Equity Investors Trade Exits
The Nigerian Exchange, NGX, tumbles by more than N21 billion midweek as equity investors trade exit after three consecutive days rally. Consequent to profit-taking in the local bourse, year and month to date return moderated as market indicators plunged by 0.08 percent on Wednesday.
Stockbrokers said the decline follows the investors’ profit-taking in some recently appreciated stocks, which some consider an offensive trading pattern. Today, the All-Share Index declined by 39.63 basis points, representing 0.08 percent depreciation to close at 47,207.27 points.
Equity market capitalisation lost a total sum of ₦21.35 billion following the sell-down witnessed in small and midcap stocks to close at ₦25.44 trillion. Similarly, the market activities were bearish as the total volume and value shed 45.32 percent and 32.24 percent, respectively.
Citing data from the Nigerian Exchange, Atlass Portfolios Limited said in its market report that approximately 230.65 million units valued at ₦3.49 billion were transacted in 4,377 deals. Read: Oil Tumbles 3% over Weak Economic Data in US, China
TRANSCORP led as the most traded stock in terms of volume, accounting for 10.06 percent of the total volume of trades. The company was followed closely by FIDELUTYBK (6.73%), UCAP (6.38%), REGALINS (5.97%) and FBNH (5.71%) to complete the top five on the volume chart.
Today, SEPLAT emerged as the most traded stock in value terms, with 18.47 percent of the total value of trades on the exchange.
ETRANZACT topped the advancers’ chart with a maximum price appreciation of 10.00 percent. The company was followed by MAYBAKER see its share price jump of 9.00%, WEMABANK inched higher by 8.99%, and UCAP grew 4.81%.
UACN share price increased by 2.00% today, TRANSCORP gained 0.80 %, ARDOVA rose 0.78%, FBNH up 0.44%, NB share price was lifted 0.42%, MTNN saw marginal share price appreciation of 0.10% and sixteen (16) others stock gain.
On the other hand, sixteen (16) stocks depreciated, led by AFRIPRUD with a price depreciation of 5.77 percent to close at ₦7.35.
DANGSUGAR share price was priced down by 5.28%, ETI lost 2.98%, FLOURMILL dipped 1.49%, UBA shed 1.14%, GTCO share price pullback by 1.12%, and STANBIC depreciated by 1.00%, HONYFLOUR declined 0.69% while WAPCO (-0.38%) also dipped in price.
The market breadth closed negative, recording 26 gainers and 16 losers. Sectorial performance was bearish as three of the five major sectors closed negatively compared to the previous session.
Consumer Goods dipped by 0.58%, banking weakened by 0.35% and Industrial Goods dropped 0.02%. However, the Industrial Insurance and the Oil & Gas sectors rose by 0.91% and 0.03%, respectively.
In the next trading sessions, stock traders and analysts at Atlass Portfolios Limited expect investors to reverse the negative sentiment due to today’s outcome of the CBN -Bills auction result. #Nigerian Exchange Tumbles as Equity Investors Trade Exits
