Equities Investors Lose N1.81trn as Nigerian Exchange Bleeds
Equities investors lost N181 trillion in a swoop on Monday over risk-off sentiment spotted across key sectoral indices. The Nigerian Exchange (NGX) opened trading for the month in negative territory, with key market performance indicators declining by 1.3%.
The downturn, which was mostly driven by losses in the Industrial Goods and Banking sectors, reflected fresh profit-taking in medium- and large-cap stocks.
Investors trimmed holdings in BUACEMENT, ZENITHBANK, WEMABANK, OANDO, FIDELITYBK as the All-Share Index fell by -2,824.81 basis points to close at 247,560.66.
Market capitalization fell by ₦1,810.85 billion to close ₦158.70 trillion with year to date return falling below 60% on Monday.
Stockbrokers reported that total volume of all trades executed in the local bourse declined by -6.38% while the total value traded, on the other hand, increased by +1.96%.
Atlass Portfolio Limited told investors in a note that approximately 1,127.75 million units valued at ₦44,283.20 million were transacted across 91,880 deals.
ABBEYBDS accounted for 25.85% of total trading volume, followed by ACCESSCORP (11.57%), NEIMETH (6.92%), UBA (6.78%), and TIP with 5.44%.
ARADEL accounted for 14.28% of the total value of all trades executed in the stock market, making it the most actively traded on the exchange.
INTENEGINS led the gainers chart, gaining +9.96%, trailed by CONHALLPLC (+9.92%), TIP (+9.86%), RTBRISCOE (+9.16%), IKEJAHOTEL (+8.71%), MAYBAKER (+7.07%), and eighteen others.
A total of thirty-six stocks depreciated. With a price depreciation of -10.00%, BUACEMENT topped the worst performers’ chart, followed by TRANSEXPR (-9.85%), JOHNHOLT (-9.73%), REDSTAREX (-9.71%), DEAPCAP (-9.15%), and ABCTRANS (-7.39%).
Hence, market breadth closed on a negative note, with 24 gainers and 36 losers. The sectoral performance was negative as three of the five major market sectors declined.
The Industrial goods sector declined by -3.86%, followed by the Banking sector (-1.49%), and the Oil & Gas sector (-0.23%). The Insurance sector and the Consumer goods sector increased by +0.79% and +0.02%, respectively. Naira Gains as Hydrocarbon Sales Proceeds Boost FX Reserves
