Equities Investors Lose N168bn over Huge Selloffs on NGX

Equities Investors Lose N168bn over Huge Selloffs on NGX

Equities investors lose about N168 billion on the Nigerian Exchange (NGX) due to huge selloffs. Market capitalisation dipped consecutively as an interest rate hike twisted investors’ sentiment negatively in the local bourse.

Hence, key performance indicators receded by 28 basis points while year to date return moderated further on Friday.  According to information from the Nigerian bourse, the All-Share Index reduced by 276.94 basis points to close at 97,506.87 on Friday.

The market bearish performance was driven by sell-offs in some medium and large cap stocks on the back down beat investors’ sentiment. However, market activities ended on a mixed note, as the total volume traded dropped by 18.53%, while the total value traded was up by 39.51%.

In its market update, Atlass Portfolios Limited told investors that approximately 515.49 million units valued at N15,082.54 million were transacted across 7,554 deals. FBNH was the most traded stock in terms of volume, accounting for 24.50% of the total volume of traded in the equities market.

Other volume drivers include HMCALL (17.75%), JAPAULGOLD (11.93%), TANTALIZER (6.94%), and STERLINGNG (4.63%) – to complete the top 5 on the volume chart.

SEPLAT emerged as the most traded stock in value terms, accounting for 38.71% of the total value traded on the exchange. HMCALL topped the advancers’ chart for today with a price appreciation of 9.54 percent.

Other gainers include ROYALEX (+8.77%), SOVRENINS (+7.35%), TANTALIZER (+5.50%), NPFMCRFBK (+4.67%), CWG (+3.48%) and fifteen others. Twenty-six stocks depreciated, according to stockbrokers.

REGALINS was the top loser, with a price depreciation of – 9.80%. Other decliners include ACADEMY (-9.71%), SEPLAT (-6.02%), WAPCO (-1.69%), PRESTIGE (-1.23%), and FLOURMILL (-0.12%).

Based on the trading direction, the market breadth closed negative, recording 21 gainers and 26 losers. Today, the market sector performance was negative.

Three out of the five major market sectors inched down.  The Oil & Gas sector fell by – 2.56% followed by the Insurance sector which dipped by -1.83% while the Industrial sector plunged by -0.15%.

On the other hand, the Banking and Consumer goods sector grew by 0.67% and 0.01% respectively. Overall, the equities market capitalisation of the Nigerian Exchange plunged by N167.88 billion to close N59.11 trillion. Naira Plunges on Suboptimal FX Intervention