Nigerian Exchange Sheds Weight as Equities Investors Lose N148bn
Equities investors lost more than N148 billion as selloffs hit Aradel, Nestle Nigeria, others in the stock market. Transaction details from the Nigerian domestic market revealed that key performance indicators fell by 0.25% as investors reacted negatively to inflation surge.
Consequently, the market index or All-Share Index fell by 249.40 basis points to close at 98,291.53 as the local bourse halted its positive streak. Stockbrokers said the market experienced sell-offs in some medium and large-scale stocks across key industries.
At the end of the trading sessions, trading activities inched lower as the total volume and total value traded fell by 9.96% and 66.46% respectively. In its equities report, Atlass Portfolios Limited said approximately 257.55 million units valued at ₦8.993.13 million were transacted across 7,776 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 14.91% of the total volume of traded in the equities market. Other volume drivers include UBA (13.19%), GTCO (6.53%), CHAMPION (5.64%), and ZENITHBANK (4.52%).
Today, ARADEL emerged as the most traded stock in value terms, with 35.04% of the total value of trades on the exchange. DEAPCAP topped the advancers’ chart with a price appreciation of 10.00 percent.
Other gainers include UACN (+9.90%), DANGSUGAR (+9.69%), CHAMPION (+9.65%), DAARCOMM (+9.26%), MECURE (+9.09%) and seventeen others. Market reports stated that twenty-three stocks depreciated as bear took over trading session.
CUSTODIAN was the top loser, with a price depreciation of -8.98%. Other decliners include OKOMUOIL (-6.86%), ARADEL (-5.85%), FTNCOCOA (-2.63%), FIDELITYBK (-2.34%), and NESTLE (-2.25%).
Despite heavy sell activities on major stocks, the market breadth closed par, recording 23 gainers and 23 losers.
Sectoral performance was positive, as three of the five major indexes closed in the green. The Consumer goods sector grew by +0.46% followed by the Insurance sector which gained +0.40% while the Oil & Gas sector surged by +0.02%.
The Banking and Industrial sectors declined moderately by 0.04% and 0.03% accordingly. Overall, the equities market capitalisation lost ₦148.07 billion to close at ₦59.56 trillion on Wednesday. #Nigerian Exchange Sheds Weight as Equities Investors Lose N148bn
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