NGX Sheds N169bn as Investors Dump MTNN, WAPCO
The Nigerian Exchange (NGX) lost about N169 billion Monday as the equities market opens the week on a bearish tone. The negative trading outturn was driven by selloffs in the banking, consumer and industrial goods sectors.
Last week, the local bourse had gained about N600 billion amidst heavy bargain interest after recovery from the interest rate hike shock experienced early in the week.
Today, activities in the domestic equities market resumed the week on a sour note, as investors took profit off MTNN (-3.0%), traders’ notes show. Consequently, the Nigerian Exchange All-Share Index settled lower by 0.6% at 53,772.35 points.
Trading data shows that the stock market month to date declined to 8.3% on Monday while year to date return which had printed at 26.6% slowed down to 25.9%
The total volume traded surged to 27.56 billion units compared to 208.09 million units reported last week, valued at N194.36 billion and exchanged in 4,586 deals.
This happened following a block-divestment in Union Bank of Nigeria (UBN), Cordros Capital hinted in a market report. Today, UBN was the most traded stock by volume and value at 27.34 billion and 191.40 billion units, respectively.
Stockbrokers’ reports showed that performance across sectors was mixed, as the Banking index declined 0.3% after selloffs that resume early in the week. UPL and FTNCocoa declined by 8.77 and 8.56 per cent each to close at N2.60 and 32k per share respectively. Mayer and Baker followed with a loss of 7.60 per cent to close at N4.01 per share.
Wema Bank lost 6.85 per cent to close at N3.40 per share. Also, the Nigerian Exchange Consumer Goods index dropped off 0.1%, Industrial Goods shed 0.1% due to selloffs in WAPCO resulting in a 1.6% decline and HONYFLOUR lost 6.3%.
On the other hand, the Insurance sector surged by 0.7%, and Oil & Gas index inched higher by 0.1%. As measured by market breadth, Stockbrokers said market sentiment was positive (1.4x) as 23 tickers gained relative to 17 losers. READ: Nigerian Bourse Ends Lower as Investors Dump More Stocks
TRANSEXPR gained 9.9% and NPFMCRFBK jumped higher by 9.8% – the highest gains of the day, Meanwhile, PRESCO share price declined 10.0% and UPL lost 8.8% of its opening price to lead the losers’ list. # NGX Sheds N169bn as Investors Dump MTNN, WAPCO
