Equities Investors Lose N23bn as NGX Ends in Red

Equities Investors Lose N23bn as NGX Ends in Red

Equities investors lost more than N23 billion on Friday as Nigerian Exchange closed the week negative. The decline in market capitalisation followed profit taking in lightweight stock amidst seesaw price movements.

Due to the bearish trend, key performance indicators plunged by 4 basis points while year to date return moderated again. Despite the selloffs, market breadth closed positive, according to data from the local bourse.

Stockbrokers reported that there were profit-taking in the financial and consumer goods sectors, and due to its weight, the bourse down somersaulted. The NGX All share index dropped by 41.29 basis points, down by -0.04% to close at 100,022.03.

Given the trading pattern, equities market activities jerked down. Total volume and total value traded for the day reduced by -52.22% and -52.06% respectively, Atlass Portfolios Limited said in a market update.

Citing data from the local bourse, the investment firm told investors that approximately 412.66 million units valued at ₦6,022.16 million were transacted across 8,551 deals.

OANDO was the most traded stock in terms of volume, accounting for 13.19% of the total volume of trades, followed by AIICO (7.56%), VERITASKAP (6.51%), CHAMS (5.68%), and ACCESSCORP (5.56%) to complete the top 5 on the volume chart.

Ticker: TRANSPOWER also emerged as the most traded stock in value terms, with 16.97% of the total value of trades on the exchange.

CONOIL topped the advancers’ chart for with a price appreciation of 10.00 percent. The oil stock was trailed by OANDO which gained 9.68%. Other gainers were VERITASKAP (+9.52%), DAARCOMM (+9.09%), UPL (+9.05%), ETRANSACT (+8.89%), and twenty-six others.

Twenty-five stocks depreciated, according to data from the exchange. JBERGER was the top loser, with a price depreciation of -9.59%.  Other decliners were IKEJAHOTEL (-9.15%), ETERNA (-5.00%), FBNH (-3.76%), DANGSUGAR (-2.41%), and WEMABANK (-0.70%).

Even with the profit taking activities in the local bourse, the market breadth closed positive, recording 32 gainers and 25 losers. Nonetheless, the market sector performance was negative, Atlass Portfolios Limited said.

Three out of the five major market sectors inched lower on Friday.  The Insurance sector lost 1.33%, followed by the Banking sector which dipped by 0.70% while the Consumer goods sector dropped by -0.25%. The Oil & Gas and Industrial sectors grew by +1.59% and +0.12% respectively.

Overall, the equities market capitalisation of the Nigerian Exchange went down by ₦23.23 billion to close at ₦56.58 trillion. Naira Appreciates as External Reserves Hit 13-Month High