Equities Investors Lose N166bn as Jaiz, Dangote Sugar Decline
The Nigerian Exchange, NGX, all-share index slumped on Friday as investors dumped shares in Jaiz Bank, Dangote Sugar, and others. The local bourse closed the week in red as key market performance indicators declined by 0.25% on the final trading day.
Stockbrokers reported that investors lost N166.4 billion due to the sell pressures, expanding the total loss sustained due to the bearish outing.
The downturn was primarily driven by profit-taking in some medium- and large-scale stocks. Specifically, the market index, or All-Share Index, decreased by 583.47 basis points today, representing a drop of 0.55% to close at 105,955.13.
However, the market activities were mixed, as the total volume traded grew by 119.65% while the total value traded dropped by 33.61%. In its market update, Atlass Portfolios Limited told investors that approximately 750.58 million units valued at ₦11,056.88 million were transacted across 10,584 deals.
In terms of volume, CHAMPION led the activity chart, accounting for 46.74% of the total volume of all transactions, followed by TANTALIZER (7.08%), CUSTODIAN (6.82%), LASACO (4.87%), and ACCESSCORP (4.10%).
ARADEL emerged as the most traded stock in value terms, accounting for 9.85% of the total value of transactions conducted on the exchange on Friday.
ROYALEX topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by LINKASSURE (+9.57%), GUINEAINS (+9.52%), ENAMELWA (+9.05%), REDSTAREX (+8.41%), PRESTIGE (+6.66%), and fifteen others.
Twenty-four stocks depreciated, according to data from the Nigerian Exchange cited by stockbrokers. TANTALIZER was the top loser, with a price depreciation of -9.85%. Other decliners include JAIZBANK (-9.72%), NEIMETH (-9.45%), DANGSUGAR (-7.76%), UNILEVER (-5.75%), and ACCESSCORP (-1.06%).
Today, the market breadth closed negative, recording 21 gainers and 24 losers. In addition, the market sectoral performance was negative. Data showed that four out of the five major market sectors dropped.
The consumer goods sector declined by 1.08%, the banking sector fell by 0.19%, the oil & gas sector reduced by 0.18%, and the industrial sector nosedived by 0.03%. The insurance sector was up by 0.50%, the sole gainer on the day. Dangote Refinery Reduces Petrol Price to N825
