Equities Investors Lose N56bn as Banks, Oil Stocks Plunge

Equities Investors Lose N56bn as Banks, Oil Stocks Plunge

Equities investors lost more than N56 billion on the Nigerian Exchange (NGX) trading platform due to selloffs in banking, insurance, and oil stocks. As a result of the selling rally, the local bourse ended the day on a negative note as investors continued to rebalance their portfolios ahead of Q3 earnings release.

Details from the transaction record on NGX revealed that key performance indicators declined by 0.10%, with year-to-date moderating further after yesterday’s loss.  According to data from the local bourse, the market index, or All-Share Index, reduced by 97.67 basis points to close at 97,487.14 points.

The market’s downturn was driven by profit-taking across all the major market sectors, with the banking sector leading the decline, falling by -0.67%. In two days, the local bourse weight has shrank by ₦126 billion as investors shifted attention into the fixed interest securities market.

Stockbrokers said market activities inched lower as the total volume and total value traded in the market dropped by 50.48% and 16.65%, respectively. Atlass Portfolios Limited told investors in an email note that approximately 356.13 million units valued at ₦6,952.40 million were transacted across 8,582 deals.

FIDELITYBK was the most traded stock in terms of volume, accounting for 18.61% of the total volume of traded in the market.  Other volume drivers include UBA (10.68%), STERLINGNG (9.49%), NB (4.09%), and OANDO (3.68%).

UBA emerged as the most traded stock in value terms, with 14.87% of the total value of trades on the exchange.  LASACO topped the advancers’ chart with a price appreciation of 10.00 percent.

Other gainers include MECURE (+9.47%), JBERGER (+9.33%), REGALINS (+9.09%), GOLDBREW (+7.94%), NNFM (+6.11%), and nine others. Thirty-eight stocks depreciated in the equities market, according to transaction details obtained from the Nigerian Exchange.

ELLAHLAKES was the top loser, with a price depreciation of -9.84%. Other decliners include ETRENA (-8.52%), LIVESTOCK (-8.02%), FTNCOCOA (-6.57%), JAIZBANK (-4.72%), and UNILEVER (-2.56%).

Given the trading direction, the market breadth closed negative, recording 15 gainers and 38 losers. In its note, CardinalStone Securities Limited said sectoral performances were predominantly bearish, with four indices closing in the red and one in the green.

The Banking sector (-0.67%) led the bears, weighed down by UBA (-1.82%) and FBNH (-1.73%).  The Oil and Gas sector (-0.48%) also faced downward pressures due to losses in OANDO (-3.45%).

The Insurance (-0.22%) and Industrial Goods (-0.01%) sectors followed suit, dragged by CORNERST (-1.92%) and CUTIX (-3.41%), respectively. The Consumer Goods sector (+0.31%), however, bucked the trend, buoyed by bullish sentiment in NB (+5.26%).

Overall, the Nigerian Exchange lost N56.12 billion to close at N56.02 trillion. #Equities Investors Lose N56bn as Banks, Oil Stocks Plunge Jaiz Bank Value Increases by 11.2% to N86 Billion