Selloffs Reduce Equities Investors Combine Wealth to N55.55trn
Investors in the Nigerian Exchange (NGX) are hurting following a sustained decline in the equities market capitalisation as a result of sustained risk-off sentiment. According to stockbrokers, the strength of daily losses reduced midweek, signaling a potential rally in the coming days on stock with good fundamentals.
Due to selloffs on listed companies stocks experienced during trading session, market performance indicators dropped slightly by -0.005%. In its update, Atlass Portfolios Limited noted there was profit-taking in some medium- and large-scale stocks such as PZ, NASCON, ZENITHBANK, and others.
Stockbrokers said this kept the bourse in the red, as investors wealth dropped by ₦771 billion in three days. The All-Share Index decreased by 4.53 basis points to close at 98,223.97. Equities market year-to-date return also moderated, trailing the annual inflation rate of 33.20%.
Despite the bear run, market activities ended on a mixed note. Total volume traded decreased by -25.04%, while total value traded increased by +9.94%. According to Atlass Portfolios Limited, approximately 319.08 million units valued at ₦9,178.21 million were transacted in 8,121 deals.
UBA was the most traded stock in terms of volume. Transactions conducted on Pan African lender stocks accounted for 25.07% of the total volume traded in the market.
Other volume drivers are: TRANSCORP (12.10%), ACCESSCORP (10.68%), GTCO (7.90%), and FIDELITYBK (3.96%) – marking the top 5 on the volume chart. MTNN was the most traded stock in value terms. Transactions on the telecom accounted for 27.85% of the total value of trades on the exchange.
OKOMUOIL topped the advancers’ chart with a price appreciation of 9.98 percent. Other gainers include: TANTALIZER with +8.33% share appreciation. Other gainers are: CUTIX (+5.26%), TIP (+4.76%), WAPIC (+4.41%), JAIZBANK (+4.35%), and eight others.
In summary, nineteen stocks depreciated, according data from the Nigerian Exchange shows. PZ was the top loser, with a price depreciation of -10.00%. Other companies on the loser chart are: INTBREW (-9.89%), MCNICHOLS (-9.73%), STERLINGNG (-9.59%), NASCON (-8.89%), and WAPCO (-5.43%).
At the end of the trading session, the market breadth closed negative, recording 14 gainers and 19 losers. In addition, the market sector’s performance was negative. Four out of the five major market sectors closed negatively, led by the banking sector, which dropped by 1.03%, followed by the consumer goods sector, which lost -0.27%, while the industrial sector declined by 0.22%, including the 0.15% drop recorded by the insurance sector. The oil & gas sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦2.56 billion, representing a slight decline of -0.005%, to close at ₦55.55 trillion. Central Bank of Nigeria Suspends Charges on Cash Deposits
