NGX Lost N516bn as MTNN, BUA, Dangote Halt 26-Day Rally
The Nigerian Exchange (NGX) lost N516 billion on Friday due to profit-taking activities in MTN Nigeria, BUA Cement, Dangote Sugar Refinery, Nigerian Breweries, and others, halting 26 days of rallies in the local bourse.
The equity market ended the week on a negative note, halting its record-breaking bullish streak of 26 consecutive trading sessions and dragging year-to-date return downward to 41.61%.
Key market performance indicators dropped by 0.56%, according to data from the Nigerian Exchange, reflecting pressures on prices of some of the top decliners. Despite a positive market breadth and activity levels, the bearish close was primarily driven by profit-taking in recently appreciated medium- and large-cap stocks.
Major decliners include MTNN, BUACEMENT, DANGSUGAR, HONYFLOUR, NB Plc, and others across major sectors. As a result, the market index, or All-Share Index, fell by 814.44 basis points to close at 145,754.91.
Market capitalization fell by ₦516.13 billion to close at ₦92.21 trillion. However, on a week-on-week basis, the market maintained a strong overall performance, advancing by 3.18%.
Trading activities in the domestic equity market inched upward as the total volume and total value of all trades consummated increased by +11.74% and +18.94%, respectively. Stockbrokers at Atlass Portfolio Limited said approximately 2,215.78 million units valued at ₦32,424.93 million were transacted across 35,036 deals.
In terms of volume, LINKASSURE led the activity chart, accounting for 26.46% of the total volume of all trades closed on the exchange, followed by UNIVINSURE (9.63%), AIICO (8.07%), MBENEFIT (6.23%), and STERLINGNG (5.21%).
Ticker: DANGCEM emerged as the most traded stock in value terms, accounting for 22.33% of the total value of trades on the exchange.
CHAMPION, UNIONDICON, and UNIVINSURE topped the advancers with a price appreciation of 10.00 percent each, trailed by GUINNESS (+9.99%), MANSARD (+9.99%), CORNERST (+9.95%), ELLAHLAKES (+9.93%), UPDC (+9.87%), and thirty-three others.
Twenty-nine stocks depreciated, trading details obtained from the Nigerian bourse revealed. ABBEYBDS was the top loser, with a price depreciation of -9.87%, trailed by CUSTODIAN (-8.48%), HONYFLOUR (-6.42%), MTNN (-4.17%), BUACEMENT (-3.66%), and LIVESTOCK (-1.11%).
Despite the profit takings, the market breadth closed positive, recording 41 gainers and 29 losers. Also, the market sectoral performance was positive today, as three out of the five major market sectors closed in green.
The insurance sector surged by +6.11%, the oil & gas sector advanced by +0.38%, and the banking sector gained 0.19%. The industrial and consumer goods sectors dropped by -1.54% and -0.02%, respectively. #NGX Lost N516bn as MTNN, BUA, Dangote Halt 26-Day Rally
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