Nigerian Exchange Lost N69bn as VFD Group, OANDO Fall
The Nigerian Exchange (NGX) lost about N69 billion from its opening market capitalisation after selloffs festival on Oando Energy, VFD Group, Dangote Sugar, Nestle Nigeria and Royal Exchange among others.
Due to a switch in investors’ mood, profit taking activities trend strongly in the equities market and this caused key performance indicators to drop by 0.12%.
Consequently, the Nigerian Exchange All-Share Index fell by 113.50 basis points in today’s trading session to close at 97,260.75. Price depreciation in OANDO, DANGSUGAR, NESTLE dragged the market downward, with year to date return faltering around 30%.
Nevertheless, market activities were up, as the total volume and total value traded for in the local bourse increased by 17.64% and 23.21% respectively.
In its market update, Atlass Portfolios Limited told investors that approximately 350.38 million units valued at ₦9,262.19 million were transacted across 10,224 deals. UCAP was the most traded stock in terms of volume, accounting for 21.93% of the total volume of traded in the equities market.
Other volume drivers include ACCESSCORP (7.40%), UBA (6.54%), OANDO (5.21%), and GTCO (4.48%) to complete the top 5 on the volume chart. Today, ARADEL emerged as the most traded stock in value terms, with 16.72% of the total value of trades on the exchange.
EUNISELL topped the advancers’ with a price appreciation of 9.98 percent, trailed by JOHNHOLT which gained +9.83%. Other gainers include SUNUASSUR (+9.71%), UNIVINSURE (+6.25%), REGALINS (+4.17%), DEAPCAP (+2.56%) and fourteen others.
Twenty-nine stocks depreciated, according to stockbrokers. VFD GROUP was the top loser, with a price depreciation of -10.00%. Other decliners include ROYALEX (-9.68%), OANDO (-9.42%), DANGSUGAR (-4.83%), NESTLE (-3.95%), and HONYFLOUR (-2.59%).
At the end of the trading session on Tuesday, the market breadth closed negative, recording 20 gainers and 29 losers. Sectoral performance was majorly bullish as three out of five sectors closed in green.
The Banking (+0.49%), Insurance (+0.08%), and Oil and Gas (+0.02%) indices declined as investors accumulated shares in UBA (+2.26%), SUNUASSUR (+9.71%) and JAPAULGOLD (+0.47%), respectively.
On the other hand, the Consumer Goods (-0.86%) index closed in negative territory following selloffs seen in NESTLE (-3.95%). Elsewhere, the Industrial Goods index closed flat. Overall, the equities market capitalisation of the Nigerian Exchange lost ₦68.62 billion to close at ₦58.94 trillion. #Nigerian Exchange Lost N69bn as VFD Group, OANDO Fall
