Equities Investors Lose N208bn as Oil, Banking Stocks Plunge

Equities Investors Lose N208bn as Oil, Banking Stocks Plunge

Equities investors on the Nigerian Exchange (NGX) lost more than N208 billion due to negative price movement in oil and banking stocks like Wema Bank, Aradel Holdings, and Haldane McCall.

The benchmark index closed bearish as it slipped by 35 bps to close at 97,296.57 points. Today’s performance was driven by selloffs in ARADEL (-9.98%), NB (-5.26%), FIDELITYBK (-1.60%), and ETERNA (-9.88%).

The sell pressure outweighed the positive sentiments in OANDO (+3.33%), ACCESSCORP (+1.77%), and CONOIL (+6.56%). JOHNHOLT lost -10.00% and SUNUASSUR popped higher 9.97%. Due to negative investors’ perceptions, the market experienced huge profit-taking activities across key sectors.

Stockbrokers said in their separate reports that the Nigerian Exchange All-share index (NGX-ASI) declined by 0.35% along with total market capitalisation. The market index reduced by 343.31 basis points in today’s trading session, reflecting a 0.35% decrease to close at 97,296.57. 

The downturn reversed the previous day’s modest gains on the back of profit-taking activities in ARADEL and other medium-cap stocks weighed on the market.

However, market activities inched higher, as the total volume and total value traded on the exchange increased by 48.97% and 28.07%, respectively.  In its market update, Atlass Portfolios Limited told investors that approximately 822.46 million units valued at ₦10,285.52 million were transacted across 9,385 deals.

HMCALL was the most traded stock in terms of volume, accounting for 45.53% of the total volume of traded on the Exchange.  Other volume drivers include JAPAULGOLD (14.12%), TANTALIZER (3.74%), UBA (3.59%), and GTCO (3.50%) to complete the top 5 on the volume chart.

HMCALL also emerged as the most traded stock in value terms, accounting for 21.00% of the total value of trades on the exchange.

SUNUASSUR topped the advancers’ chart for today with a price appreciation of 9.97 percent, trailed by GUINEAINS, which gained 8.16%. Other gainers include CONOIL (+6.56%), DAARCOMM (+6.56%), NASCON (+6.23%), CAVERTON (+5.56%), and seventeen others.

Stockbrokers reported that 25 stocks depreciated today. JOHNHOLT was the top loser, with a price depreciation of -10.00%. Other decliners include ARADEL (-9.98%), ETERNA (-9.88%), HMCALL (-8.43%), NB (-5.26%), and WEMABANK (-2.79%).

Based on trading directions, the market breadth closed negative, recording 23 gainers and 25 losers. Today, the market sector performance was positive, as four of the five major market sectors ended on a positive note.

The insurance sector grew by (1.24%), followed by the oil & gas sector by (1.02%), the banking sector by (0.14%), and the industrial sector by (0.02%). The consumer goods sector dropped by -0.34%.

Overall, the equities market capitalisation of the Nigerian Exchange dropped by N208.08 billion to close at N58.97 trillion. #Equities Investors Lose N208bn as Oil, Banking Stocks Plunge Naira Depreciates Ahead of 2-Week Automated FX Trading Trial