Nigerian Exchange Lost N160bn as Sell Side Actors Exit Positions
The Nigerian Exchange, NGX, market capitalisation declined by about N160 billion as sell-side actors exited position amidst the earnings festival. The equities market ended the week on a negative note as key performance indicators dipped.
Data from the local bourse indicated that the market index dropped by 0.24% but the value of all stocks listed on the exchange declined by 0.25%. Stockbrokers attributed the discrepancy to delisting of Tourist Company of Nigeria Plc and Union Homes Savings and Loans Plc shares on the exchange today.
Details revealed that the All-Share Index reduced by 248.31 basis points in today’s trading session, reflecting a 0.24% decrease to close at 104,496.12. Despite profit-taking in some recently appreciated medium- and large-cap stocks today, the market managed to post a 0.87% gain on a week-on-week basis.
The market activities were up as the total volume and total value traded in the stock market increased by 154.37% and 30.24%, respectively. In a note, Atlass Portfolios Limited told investors that approximately 1,265.15 million units valued at N15,422.44 million were transacted across 14,540 deals.
In terms of volume, NSLTECH led the activity chart, accounting for 51.26% of the total volume of trades, followed by FBNH (7.31%), VERITASKAP (5.76%), GTCO (2.80%), and OANDO (2.76%), rounding out the top five.
FBNH emerged as the most traded stock in value terms, accounting for 16.74% of the total transaction value conducted on the exchange. BETAGLAS topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by VITAFOAM (+9.98%), NNFM (+9.98%), CHELLARAM (+9.93%), TIP (+9.90%), CONHALLPLC (+9.68%), and thirty others.
Twenty-seven stocks depreciated, according to stockbrokers. OANDO was the top loser, with a price depreciation of -10.00%. Other decliners include STANBIC (-9.94%), IKEJAHOTEL (-9.84%), NASCON (-7.32%), NEIMETH (-6.69%), and GTCO (-2.01%).
At the end of the week, the market breadth closed positive, recording 36 gainers and 27 losers. However, the market sectoral performance was negative today, as three of the five major market sectors went south. The oil & gas sector declined by 1.28%, followed by the banking sector,, which fell by 1.15%, and the insurance sector lost 0.48%.
The consumer goods and industrial sectors grew by 0.78% and 0.08%, respectively. Overall, the equities market capitalisation of the Nigerian Exchange fell by ₦159.52 billion to close at ₦64.71 trillion. #Nigerian Exchange Lost N160bn as Sell Side Actors Exit Positions
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