NGX Sheds N68bn as Investors Exit Positions Tier-1 Banks
The equities market of the Nigerian Exchange (NGX) shed more than N68 billion on Wednesday, extending previous day loss as market reacted negatively to interest rate hike.
The poor outturn stemmed from selloffs in GTCO (-0.11%), UBA (-5.07%) and FBNH (-1.60%), outweighing the uptick in WAPCO (+0.82%), investment firm CardinalStone Securities limited said in an update.
The market index or All-Share Index reduced by 120.95 basis points, representing a decrease of -0.12% to close at 100,365.17, stockbrokers at Atlass Portfolios Limited said.
Major downside to today trading session was sell-offs witnessed in the Banking and Consumer goods sectors amid high inflation and interest rate.
However, market activities inched higher, data from the Nigerian Exchange showed. Total volume and total value traded for the day increased by +77.22% and +137.35% respectively.
Stockbrokers said in email note that approximately 497.84 million units valued at ₦8,605.26 million were transacted across 8,412 deals. FCMB was the most traded stock in terms of volume, accounting for 26.91% of the total volume of traded in the market.
Other volume drivers include: ACCESSCORP (14.63%), ZENITHBANK (12.07%), UBA (5.84%), and UNIVINSURE (4.61%). ZENITHBANK emerged as the most traded stock in value terms, with 25.42% of the total value of trades on the exchange.
INTBREW and SOVRENINS topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by DEAPCAP (+9.80%), TIP (+7.50%), FCMB (+5.26%), OMATEK (+4.48%), TANTALIZER (+4.35%), and ten others.
Twenty-one stocks depreciated in the market today due to weak investors’ sentiment. NSLTECH was the top loser, with a price depreciation of -9.43%.
Other decliners include RTBRISCOE (-8.22%), UBA (-5.07%), LIVESTOCK (-4.56%), UCAP (-4.57%), and DANGSUGAR (-3.70%). Given the trading direction, the market breadth closed negative, recording 17 gainers and 21 losers.
On sectoral performance, the Banking (-0.82%) and Consumer Goods (-0.22%) indices closed in the negative territory, due to bearish sentiments in UBA (-5.07%) and DANGSUGAR (-3.70%) respectively.
The Insurance (+0.38%) and Industrial Goods (+0.03%) closed in the green from demands in SOVRENINS (+10.00%) and WAPCO (+0.82%) respectively. The Oil and Gas index closed flat for the third consecutive session.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦68.49 billion, representing a drop of -0.12%, to close at ₦56.83. #NGX Sheds N68bn as Investors Exit Positions Tier-1 Banks
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