Investors Lose N403bn over Sell-Side Pressure on Banking Stock
Equities investors on the Nigerian Exchange (NGX) lost more than N403 billion on Monday due to sell-side pressures on banking stocks among other decliners.
The market opened trading activities for the new week negative. The year-to-date return moderated to 30.90% as key performance indicators dropped by 0.72%.
Sell-side pressures was observed on some blue chip stocks, including BUACEMENT -9.93%, UCAP -1.57%, FIDELITYBK -1.42%, and ACCESSCORP -1.02%, TRANSCORP -0.88%, ZENITHBANK -0.77%, GTCO -0.65%, UBA -0.43%, and others.
As a result of bearish trading, the NGX All-Share Index dipped by 710.37 basis points to close at 97,881.75. Despite the market’s breadth closing positively, the index was dragged down by profit-taking activities in several medium- and large-cap stocks.
Nevertheless, market activities inched higher. Total volume and total value traded increased by 4.36% and 44.11%, respectively, amidst portfolio rebalancing efforts.
In its market update, Atlass Portfolios Limited told investors that approximately 498.27 million units valued at ₦11,770.86 million were transacted across 10,645 deals.
GTCO was the most traded stock in terms of volume, accounting for 24.89% of the total volume of traded on the Nigerian Exchange on Monday, followed by VERITASKAP (7.90%), ACCESSCORP (7.69%), JAPAULGOLD (6.71%), and UBA (5.84%) to complete the top 5 on the volume chart.
With its size and price advantage as market mover, GTCO also emerged as the most traded stock in value terms, accounting for 48.08% of the total value of trades on the exchange.
JBERGER, and NASCON topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by TOTAL, which gained 9.98%. Other gainers include OANDO (+9.98%), DANGSUGAR (+9.95%), MAYBAKER (+9.93%), and ETERNA (+9.85%), and twenty-one others.
With the bearish tone, twenty stocks depreciated. BUACEMENT was the top loser, with a price depreciation of -9.93%. Other decliners include SKYAVN (-5.43%), AIICO (-1.83%), ACCESSCORP (-1.02%); TRANSCORP (-0.88%), and WAPCO (-0.81%).
Today, the market breadth closed positive, recording 28 gainers and 20 losers. In addition, the key sector performance was positive, as three out of the five major market sectors ended in green.
The Oil & Gas sector grew by +3.30%, followed by the Insurance sector, which gained +2.05% while the consumer goods sector popped up by+1.00%. On the other hand, the industrial and Banking sectors dropped by 3.96% and 0.31%, respectively.
Overall, the equities market declined by ₦403.19 billion to close at ₦55.58 trillion on the first trading session in the new week. #Investors Lose N403bn over Sell-Side Pressure on Banking Stock
