Stock Market Bleeds as Equities Investors Lose N271bn
The Nigerian Exchange (NGX) sinks further on Thursday as equities investors in the local bourse lost more than N271 billion due to weakening investors sentiment, according to trading data.
The decline which happened in the last eight trading sessions has been supported majorly by selloffs in high cap stock, especially, MTN Nigeria Plc. The telecom shares have been declining in the past seven days, according to data screened from the Nigerian Exchange.
Following the selling rallies, Atlass Portfolios Limited stockbrokers reported that market performance indicators decline further by 1.04 percent to a 2-months low.
Amidst the second quarter earnings season, some stockholders are selling in large volume shares of highly capitalised companies stock like Nestle Nigeria, Lafarge WAPCO, GTCO, and 25 other listed companies shares.
As a result, the local bourse All-Share Index tanked 521.41 points to 49,667.14. Meanwhile, the market capitalisation lost ₦281.18 billion, to close at ₦26.78 trillion. Similarly, the market activities were bearish, as the total volume and value dipped by 75.14 percent and 4.49 percent, respectively.
Citing data from the Nigerian Exchange, Atlass Portfolios stockbrokers said in a market report that about 206.22 million units valued at ₦3.92 billion were transacted in 5,053 deals. TRANSCORP emerged as the most traded stock in terms of volume, accounting for 18.68 percent of the total volume of trades.
The company’s stock was followed closely by ZENITH BANK (18.21%), CHAMS (6.59%), GTCO (6.15%), and UBA (6.09%) to complete the top five on the volume chart. READ: FGN Bond Yield Hits 10.9% as Naira Sinks
MTNN remained the most traded stock in value terms, with 51.80 percent of the total value of trades on the exchange. Today, UPDCREIT let the gainers list by 9.23 percent, followed closed by CUSTODIAN (7.94%), OANDO (3.99%), and UCAP (1.00%), TRANSCORP (0.99%) and five others.
On the contrary, twenty-eight (28) stocks depreciated, topped by LASACO with a price depreciation of 10.00 percent, to close at ₦0.90. STANBIC sheds 9.98%, NESTLE lost 9.84%) ZENITH BANK fell 8.25% and WAPCO dipped by 6.61% followed by a 6.36% slowdown in UACN.
Also, FLOURMIL dropped off 4.69%, GTCO closed lower by 3.57%, JBERGER pullback 3.36%, NGXGROUP soften 2.68%, FBNH dropped off 1.35% and WEMABANK shaved off 0.28%. As measured by market breadth, market sentiment was negative (0.4x) as 26 tickers lost relative to 10 gainers, according to market trading data.
Analysing by sectors, the Consumer Goods (-3.8%), Banking (-3.5%), Insurance (-3.2%), and Industrial Goods (-0.5%) indices mirrored the general market sentiment, while the Oil & Gas (+0.6%) index was the sole gainer of the day.
#Stock Market Bleeds as Equities Investors Lose N271bn
