Equities Investors Lose N32bn as Top Banking Stocks Plunge

Equities Investors Lose N32bn as Top Banking Stocks Plunge

Equities investors lost about N32 billion in the stock market as top banking stocks prices plunged.  The equities segment of the Nigerian Exchange (NGX) ended the trading session after the holiday and for the week on a negative note with nosediving key performance indicators.

The market index or All-Share Index reduced by 52.73 basis points in today’s trading session, reflecting a 0.05% decline to close at 102,133.40. Stockbrokers attributed the local bourse downturn to profit-taking in some banking stocks and medium-scale equities. 

Despite this daily decline, the market posted a positive performance on a week-on week basis, advancing by 0.99%. On Friday, equities market activities were mixed, as the total volume trades increased by 4.62%, while the total value traded dropped by 4.24%.

In its market update, Atlass Portfolios Limited told investors that approximately 451.73 million units valued at ₦17,487.88 million were transacted across 12,551 deals.  In terms of volume, UBA led the activity chart, accounting for 9.42% of the total volume of traded in the stock market.

Other volume drivers include ACCESSCORP (8.00%), ZENITHBANK (7.51%), GTCO (5.17%), and JAIZBANK (4.35%), rounding out the top five.  SEPLAT also emerged as the most traded stock in value terms, accounting for 20.43% of the total value of traded on the exchange.

UNIVINSURE, UPL, and WAPIC topped the advancers’ chart for today with a price appreciation of 10.00 percent.  Other lightweight gainers include IKEJAHOTEL (+9.95%), MAYBAKER (+9.94%), SKYAVN (+9.93%), JOHNHOLT (+9.92%), MULTIVERSE (+9.91%) and thirty-seven others.

Stockbrokers said eighteen stocks depreciated in the equities market on Friday. HONYFLOUR was the top loser, with a price depreciation of -9.09%. Other decliners include NEIMETH (-5.47%), ETERNA (-5.00%), UBA (-4.03%), ACCESSCORP (-2.83%), and FTNCOCOA (-1.10%).

Today, the market breadth closed positive, recording 45 gainers and 18 losers. In addition, the market sector performance was positive, as three of the five major market sectors were up.

The Insurance sector grew by 2.31%, followed by the Consumer goods sector which gained 0.15% while the Industrial sector advanced by 0.01%. On the other hand, the Banking and Oil & Gas sectors dropped by 1.16% and 0.21% respectively.

Overall, the equities market capitalisation of the Nigerian Exchange lost ₦31.96 billion, representing a growth of 0.05%, settling at ₦61.91 trillion.  #Equities Investors Lose N32bn as Top Banking Stocks Plunge NGX Index Dips Intraday as Investors Book Profit in ARADEL, NB