NGX Declines by N134bn over Selloffs in MTNN, Lafarge
The Nigerian Exchange (NGX) lost about N134 billion on Thursday as equities investors trading highs and lows sold down shares in MTN Nigeria, Lafarge WAPCO, and Champion Breweries, among others.
The market had surged strongly due to renewed buying interest on banking and insurance stocks ahead of second quarter of 2024 earnings festival. Many companies have already declared close periods, refraining insiders from dealing.
Key performance indicators declined by -0.24% while year to date returns moderated as a results of negative trading activities on the exchange. Stockbrokers noted strong profit-taking in blue-chip stocks. In addition, more transaction were conducted on Fidelity Bank.
According to equities market report, NGX All-Share Index dropped by 236.16 basis to close at 100,063.32 points. However, market activities improved despite the fact that the market ended the day in red.
Total volume and total value traded increased by +152.36% and +164.30%, respectively, Atlass Portfolios Limited said in its market update. Stockbrokers at the firm stated that approximately 863.58 million units valued at ₦12,561.86 million were transacted across 7,931 deals.
Based on trading details, FIDELITYBK was the most traded stock in terms of volume, accounting for 62.57% of the total volume of trades. The Tier-2 lender was followed by GTCO which accounted for 6.89% of traded volume.
Other volume drivers include VERITASKAP (4.69%), UBA (4.17%), and ZENITHBANK (2.79%). FIDELITYBK also emerged as the most traded stock in value terms, with 45.06% of the total value of trades on the exchange.
Ticker: OANDO topped the advancers’ chart for with a price appreciation of 9.93 percent, trailed by CONOIL with +9.52% price appreciation. Other gainers include VERITASKAP (+9.38%), NEIMETH (+8.61%), JAIZBANK (+7.55%), FTNCOCOA (+7.32%), and eighteen others.
Due to bearish move, twenty-four stocks depreciated, according to stockbrokers. DAARCOMM was the top loser, with a price depreciation of -8.33%. Other decliners are GUINEAINS (-7.69%), UPL (-6.67%), MTNN (-6.54%), CHAMPION (-6.00%), and WAPCO (-1.41%).
Meanwhile, the market breadth closed on par, recording 24 gainers and 24 losers. In addition, the market sector’s performance ended on positive note. On sectoral performance, three out of the five major market sectors closed positively.
The banking sector grew by +2.12%, followed by the oil & gas sector, which gained 1.43%, while the insurance sector rose by 0.15%. On the other hand, the industrial and consumer goods sectors dropped by -0.06% and -0.01%, respectively.
Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦133.59 billion to close at ₦56.60 trillion. #NGX Declines by N134bn over Selloffs in MTNN, Lafarge EU Offers 142 Nigerian Students Erasmus Scholarships
