Equities Investors Lose N217bn as Sell-Side Actors Exit Positions
The Nigerian Exchange (NGX) market capitalisation lost an additional N217 billion on Wednesday as investors’ sentiment worsened. The local bourse experienced another selling rally that plunged the year-to-date return to a new low in November.
Key performance indicators declined by 23 basis points as sell-side actors took over trading activities in the Nigerian bourse. The All-share index fell by -340.50 basis points to close at 144,646.01, while market capitalisation declined by ₦216.57 billion to close at ₦92.00 trillion.
The market downturn was primarily driven by sustained sell-offs in some medium- and large cap stocks, stockbrokers said.
Reflecting a cautious mood, the market saw negative price movement in top names including DANGSUGAR, CHAMS, ZENITHBANK, and ELLAHLAKES. Sustained sell-offs have led to a cumulative loss of ₦1.5 trillion in investors’ wealth from the beginning of the week to date.
Despite negative performance, market activities were up as the total volume of all trades and the total value traded increased by +134.12% and +40.83%, respectively.
In a note, Atlass Portfolio Limited told investors that approximately 892.52 million units valued at ₦23,542.83 million were transacted across 20,225 deals.
ACCESSCORP emerged as the most traded in terms of trading volume, accounting for 54.81%, followed by TANTALIZER (7.96%), JAPAULGOLD (6.07%), ZENITHBANK (3.88%), and CONHALLPLC with 3.51%.
Also, ACCESSCORP accounted for 44.98% of the total value of all trades executed in the market, making the banking stock the highest traded on the exchange.
NCR topped the gainers chart, up by +9.85%, followed by CAVERTON (+9.71%), UACN (+8.33%), MBENEFIT (+7.69%), LINKASSURE (+7.57%), TANTALIZER (+7.36%), and ten others.
A total of thirty-nine stocks depreciated, data from the Nigerian Exchange showed.
With a price depreciation of -10.00%, UNIVINSURE topped the worst performers’ chart, followed by ABCTRANS (-9.95%), LIVINGTRUST (-9.92%), CHELLARAM (-9.85%), ROYALEX (-9.76%), and TRANSCORP (-8.44%).
Hence, the market breadth closed on a negative note, as there were 16 gainers and 39 losers. Sectoral performance was negative, as three out of the five major market sectors declined.
The insurance sector fell by -1.35%, followed by the banking sector, which lost -1.22%, and the oil & gas sector, which depreciated by -0.18%. The consumer goods sector increased by 0.09%, while the industrial goods sector remained unchanged. Dangote Cement Plunges as Investors Trim Shareholding
