Equities Investors Lose N170bn as Oando, First Holdco Fall
Equities investors lost more than N170 billion on the Nigerian Exchange (NGX) as sell pressures on Oando, First Holdco, and other decliners dragged down market indicators.
Oando Plc lost 10% of its market value, and First Holdco slipped by 4.2%, though telecom company MTN Nigeria climbed by 2.2%, and Mutual Benefit Assurance rallied.
According to data from the local exchange, the all-share index reduced by 0.28%, shedding 328.08 basis points, to close at 114,910.16 as sell pressure persisted.
Equities market capitalisation or portfolio value of listed stocks lost ₦170.36 billion, representing a decline of 0.23%, to settle at ₦72.50 trillion.
The disparity in the magnitude of the decline between the indicators was attributed to the listing of Sterling Financial Holdings Plc’s additional shares, according to stockbrokers.
Sterling Financial Holdings Plc listed 6,659,927,623 ordinary shares of 50 kobo each at ₦4.00, arising from its rights issue in the equities market.
The overall market sentiment remained broadly negative, as persistent sell-offs in bellwether and medium stocks across key sectors exerted downward pressure on the general market performance. However, market activities were up as the total volume and total value of trades increased by 27.78% and 35.20%, respectively.
In its market update, Atlass Portfolios Limited told investors that approximately 787.31 million units valued at ₦25,666.69 million were transacted across 23,170 deals.
In terms of volume, ZENITHBANK led the activity chart, accounting for 12.24% of the total volume of traded on the exchange, followed by GTCO (10.60%), UBA (8.29%), ACCESSCORP (8.17%), and ETI (6.58%), rounding out the top five.
GTCO emerged as the most traded stock in value terms, accounting for 24.34% of the total value of all trades consummated on the exchange.
CILEASING, MBENEFIT, and LEARNAFRCA topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by UPL (+9.82%), DEAPCAP (+8.64%), LIVINGTRUST (+8.39%), SKYAVN (+7.88%), PRESTIGE (+7.14%) and twenty-one others.
Thirty-five stocks depreciated, according to data obtained from the Nigerian Exchange. TRANSPOWER was the top loser, with a price depreciation of -9.98%.
Other decliners include OANDO (-9.97%), CUSTODIAN (-8.63%), UBA (-5.57%), FIRSTHOLDCO (-4.15%), and HONYFLOUR (-2.27%).
At the end of the trading session, the market breadth closed negative, recording 29 gainers and 35 losers. The sectoral performance was also negative, as three out of the five major market sectors were down.
The oil & gas sector declined by 1.25%, followed by the consumer goods sector, which shed 0.50%, and the banking sector, which fell by 0.20%. The insurance and industrial sectors recorded a growth of 0.40% and 0.16%, respectively. #Equities Investors Lose N170bn as Oando, First Holdco Fall#
African Energy Chamber: The World Bank Must Lift the Ban on Upstream Financing
