NGX Down as Equity Investors Offload after 1-Day Gain
The Nigerian Exchange (NGX) was down by more than N6 billion as profit-taking breaks a day rally experienced in the local bourse. After losing streaks, the Lagos bourse inched up N48 billion yesterday but equity investors take out profit barely a day after.
The negative outing reduces year to date returns in the market ahead of first-quarter earnings releases. Many analysts are already projecting that uncertainties in the Nigerian economy would impact first-quarter results.
Meanwhile, today’s decline follows the sell-off in the Consumer Good sector stocks, the blow was heavy despite the fact that the other four sectors closed positively.
Market data shows that the All-Share Index tanked 11.21 basis points representing a 0.02 per cent decline to close at 46,766.16 points. Data from the Nigerian Exchange shows that equity market capitalisation inched lower by ₦6.04 billion to close at ₦25.21 trillion.
Atlass Portfolios Limited said the market activities were bullish, as the total volume and value surged by 1.62 per cent and 3.91 per cent, respectively.
About 261.59 million units valued at ₦2.43 billion were transacted in 4,668 deals, according to stock traders, citing data from the local bourse. FIDELITYBK remained the most traded stock in terms of volume, accounting for 31.25 per cent of the total volume of trades.
The banking stock was followed closely by TRANSCORP (11.74%), GTCO (5.92%), ACCESSCORP (5.83%) and ZENITH BANK (3.82%) to complete the top five on the volume chart.
MTNN emerged as the most traded stock in value terms, with 15.62 per cent of the total value of trades on the exchange. Meanwhile, REGALINS topped the advancers’ chart with a price appreciation of 10.00 per cent.
The company stock was trailed by LIVESTOCK (9.59%), WEMABANK (3.45%), HONYFLOUR (2.96%), UBA (1.97%), UCAP (1.20%), SEPLAT (1.05%), FCMB (0.94%), CUTIX (0.46%) and seven (7) others.
On the flip side, eighteen (18) stocks depreciated, led by NPFMCRFBK with a price decline of 9.78 per cent to close at ₦2.03.
JAIZBANK lost 4.48% of its opening value in today’s trading session, OANDO dropped off 2.89%, NASCON dipped 2.46% and NGXGROUP lost 2.30%.
The stock market priced down TRANSCORP by 2.00%, GTCO sank 1.12%, Nigerian Breweries (NB Plc) tumbled 1.11%, INTBREW fell 1.02% and ZENITH BANK declined by 0.44%.
Overall, the market breadth was negative, recording 16 gainers and 18 losers, though the sectoral performance was positive. Trading data shows that four of the five major sectors closed bullishly compared to the previous session.
Sectorial performance was led by the Insurance index which inched up 0.48%, Oil & Gas rose 0.20%, Banking did 0.15% and Industrial Goods advanced moderately by 0.001%.
The Consumer Good sectors dipped 0.22%, dragging equity market capitalisation, though it had performed better yesterday – but for the fact that someone needs to get out of the market. #NGX Down as Equity Investors Offload after 1-Day Gain
