Nigerian Stock Market Rout Wipes Off N109bn in Value
The Nigerian stock market rout wipes off more than N109 billion from equity capitalisation on Thursday following profit takings in banking and industrial stocks.
Today’s sell-off happened after moderate gain was reported yesterday, according to data from the Nigerian Exchange (NGX), though buying temperature was lukewarm ahead of first-quarter 2022 earnings releases.
Reversing the previous day’s positive sentiment, the local bourse closed negative with a decline of 0.43 per cent in the market performance indicators. Year to date return moderated following a marginal gain yesterday. The downturn experience today dragged the Nigerian All-Share Index (ASI) below the 47,000 points, stock traders at Atlass Portfolios Limited said. Market data shows that year to date return fell to 9.94 per cent.
As investors dumped more shares, the Nigerian Exchange All-Share Index adjusted downward 202.32 basis points representing 0.43 per cent depreciation, to close at 46,961.62, according to Stockbrokers. READ: Profit Taking Wipes Off ₦49.6 Billion from Stock Market
Then, equity market capitalisation declined strongly by ₦109.04 billion, representing a decline of 0.43 per cent to close at ₦25.31 trillion. Also, the market activities were bearish, as the total volume and Value dipped by 19.73 per cent and 18.35 per cent, respectively, trading data shows.
Approximately 214.70 million units valued at ₦2.63 billion were transacted in 4,003 deals, Atlass Portfolios traders said, citing NGX data. FIDELITYBK top the position as the most traded stock in terms of volume, accounting for 22.48 per cent of the total volume of trades.
The Tier-2 bank stock was followed closely by GTCO (12.15%), ZENITH BANK (9.40%), UBA (8.54%) and CUSTODIAN (8.17%) to complete the top five on the volume chart. Mid-cap bank GTCO then emerged as the most traded stock in value terms, with 23.11 per cent of the total value of trades on the exchange.
VERITASKAP topped the advancers’ chart with a price appreciation of 9.52 per cent. The highest gainer was trailed by FCMB with 7.46% share appreciation, CUSTODIAN rose 7.14%, OANDO spiked 6.38%, FIDELITYBK inched up 1.54%, HONYFLOUR gained 0.83%, DANGSUGAR 0.63%, PZ up 0.58%, FBNH grew 0.42% and seven (7) others stocks appreciated.
On the flip side, fourteen (14) stocks depreciated, led by RTBRISCOE with a price decline of 9.72 per cent to close at ₦0.65. On the losers’ chart, STERLNBANK dipped 3.80%, FLOURMILL fell 3.13%, NGXGROUP dropped 1.92%, GTCO shed 1.29%, UACN lost 1.23%, ZENITH BANK went down 1.12%, MTNN declined 0.73% and UBA bumped by 0.65%.
Overall, the market breadth closed positive, recording 16 gainers and 14 losers, according to stocks traders’ notes. Due to the pattern of trade, sectoral performance was negative, as three of the five major sectors closed bearishly compared to the previous session.
The negative outing was led by Banking (-0.09%), Consumer Goods (0.07%) and Industrial Goods (-0.003%), respectively. While the Oil & Gas and Insurance sectors rose by 0.87% and 0.73%, respectively.
The Nigerian Exchange suspended Access Bank Plc to prevent trading in preparation for the eventual delisting of Access Bank Plc and listing of Access Holdings Plc on the Exchange.
Also, the share prices of GTCO and TRANSCOHOT was adjusted for dividends of ₦2.70 and ₦0.07, respectively recommended by the respective Boards of Directors, Atlass Portfolios told clients via email. #Nigerian Stock Market Rout Wipes Off N109bn in Value
