Equities Market Deflates as Investors Dump Stocks
The Nigerian stock market deflates further on Wednesday as selloffs knocked off N13 billion from market capitalisation to close at N26.657 trillion against N26.670 trillion.
Consequently, the Nigerian Exchange All-Share Index lost 23.40 points or 0.05 per cent to close at 49,421.91 from 49,445.31 recorded on Tuesday. Accordingly, month-to-date gain moderated to 15.7 per cent, while year-to-date loss increased to 19.56 per cent.
The loss was driven by price depreciation in FBN Holdings, Access Holdings and WAPCO, though market sentiment closed positive with 10 gainers relative to 12 losers. Unity Bank led the losers’ chart in percentage terms by 10 per cent to close at 44k per share.
Murtiverse followed with 9.82 per cent to close at N3.13, while Fidelity Bank shed 5.46 per cent to close at N3.67 per share. Honeywell Flour Mills lost 3.98 per cent to close at N2.35 while Chams shed 3.45 per cent to close at 30k per share.
Conversely, Academy Press dominated the gainers’ chart in percentage terms with 9.78 per cent to close at N1.66 per share.
NEM Insurance followed with 6.08 per cent to close at N5.25, while Cadbury rose by 5.45 per cent to close at N13 per share. Jaiz Bank garnered 4.76 per cent to close at 80k, while NGX Group appreciated by 4.38 per cent to close at N18.55 per share.
However, the total volume of trades decreased by 75.35 per cent to 51.88 million units valued at N590.01 million exchanged in 2,981 deals. This was in contrast with a total of 147.59 million shares worth N2.39 billion traded in 3,386 deals on Tuesday.
Transactions in the shares of Zenith Bank topped the activity chart with 6.3 million shares valued at N125.54 million. GTCO followed with 4.99 million shares worth N94.92 million, while Sterling Bank traded 4.86 million shares valued at N7.29 million.
Fidelity Bank traded 3.85 million shares valued at N13.62 million, while Transcorp transacted 2.95 million shares worth N3.1 million.
Market activity as measured by both volume and value of trades improved in the session, with daily traded volume standing at 147.585mn units, representing 119.07% spike from a volume of 67.369 million units traded in the previous session.
Value of those traded stocks inched up by 61.72% in the session to stand at N2.394 billion as against a value of N1.480 billion recorded in the previous trading session. READ: Investors Lost N13bn as NASD Share Index Declines
GTCO as the top traded stock by volume for the trading session, followed by CAPHOTEL, FBNH, ZENITHBANK, and CHAMS to complete the list of the five most traded stocks by volume.
With regard to the value of the traded stocks, MTNN took the lead of the top five performers, flanked by GTCO, ZENITHBANK, FBNH, and lastly CAPHOTEL # Equities Market Deflates as Investors Dump Stocks
