Equities Investors Lost N296bn over Rising Sell Appetite on NGX
Equities investors lost more than N296 billion on Monday as stock market tumbled due to sustained sell pressures. Sell pressures on SEPLAT (-10.0%) and UBA (-10.0%) undermined market performance.
Consequently, stock market performance declined by 0.53% with Year-to-Date returns printed lower at 30.7%. According to stockbrokers, equities market negative performance was due to profit-taking in some medium and large-scale stocks.
Major drivers of large daily loss reported on Monday are UBA, SEPLAT, NASCON, and TRANSCORP. According to data from the local exchange, market index or All-Share Index decreased by 524.86 basis points to close at 97,709.38.
Year to date also moderated to 30.7% on Monday amidst expectation that inflation would continue to trend higher in the second quarter of 2024.
Despite the bearish run, market activities inched high, according to data obtained from the Lagos exchange. Total volume and total value traded for today increased by +27.50% and +51.25% respectively.
In its market update, Atlass Portfolios Limited told investors that approximately 439.10 million units valued at ₦11,376.96 million were transacted in 8,607 deals.
NOTORE was the most traded stock in terms of volume, accounting for 16.95% of the total volume of trades. Other volume drivers are: ACCESSCORP (9.81%), UNIVINSURE (8.73%), UBA (8.49%), and REGALINS (7.29%).
Stockbrokers also stated that NOTORE was also the most traded stock in value terms, with 40.89% of the total value of trades on the exchange. TIP topped the advancers’ chart with a price appreciation of 8.70 percent.
Other gainers include TANTALIZER with (+8.70%) growth, STERLINGNG (+5.38%), IKEJAHOTEL (+5.37%), UPL (+4.65%), LIVESTOCK (+4.05%), and thirteen others.
Twenty-four stocks depreciated, according to market information obtained from the Nigerian Exchange platform. SEPLAT was the top loser, with a price depreciation of – 10.00%. Other losers are: PZ (-9.91%), ETRANZACT (-9.68%), NASCON (-7.50%), ROYALEX (-6.56%), and TRANSCORP (-4.37%).
Given the bearish direction, the market breadth closed negative, recording 19 gainers and 24 losers. In addition, the market sector performance was negative.
Stockbroking firms said in their separate reports that four of the five major market sectors spiral downward on Monday following negative weekly performance reported last week.
Stockbrokers said performance across the sectors mirrored the overall market sentiment, as the Oil & Gas (-5.9%), Banking (-0.8%), Insurance (-0.6%) and Consumer Goods (-0.3%) indices posted losses while the Industrial Goods index closed flat.
Overall, equities market capitalisation declined by ₦296.42 billion to close at ₦55.27 trillion. # Equities Investors Lost N296bn over Rising Sell Appetite on NGX Price Crude Oil in Naira to Strengthen Local Currency, Expert Advises FG
