Equities Investors Lose N284bn as MTNN, Banks Stocks Fall
The Nigerian Exchange, NGX, market capitalisation shrank by more than N284 billion as sell-side actors offloaded more stocks in the local bourse. The Nigerian equity market closed trading session in the red, with key market performance indicators dropping by 0.43% following a mild recovery yesterday.
The sell pressure marks a reversal of the previous day’s gains, driven by profit-taking activities in some medium- and large-cap stocks. According to trading records from the local bourse, the All-Share Index decreased by 454.16 basis points to close at 106,167.75.
Equities market activities declined on Tuesday as the total volume and total value traded on the exchange dropped by 11.06% and 55.08%, respectively, stockbrokers said. In a note, Atlass Portfolios Limited told investors that approximately 324.59 million units valued at ₦7,918.12 million were transacted across 12,652 deals in the equities market.
In terms of volume, FIDELITYBK led the activity chart, accounting for 9.07% of the total volume of traded in the market followed by ACCESSCORP (8.75%), GTCO (8.66%), ZENITHBANK (6.90%), and UNIVINSURE (5.00%).
Ticker: GTCO emerged as the most traded stock in value terms, accounting for 21.27% of the total value of all transaction conducted on the exchange. LIVESTOCK topped the advancers’ chart for today with a price appreciation of 9.93 percent, trailed by CORNERST (+9.25%), INTENEGINS (+8.99%), SMURFIT (+8.33%), LASACO (+7.55%), SOVRENINS (+6.00%), and sixteen others.
Thirty-one stocks depreciated, according to data from the Nigerian Exchange. MECURE was the top loser, with a price depreciation of – 10.00%. Other decliners include DAARCOMM (-7.46%), MTNN (-4.22%), AFRIPRUD (-2.90%), FIDELITYBK (-2.57%), and ACCESSCORP (-1.84%). Hence, the market breadth closed negative, recording 22 gainers and 31 losers.
Today, sectoral performance was negative due to the massive sell-down experience across counters. Three out of the five major market sectors were down as per data from the Nigerian bourse.
The consumer goods sector dropped by 0.28%, followed by the banking sector, which declined by 0.21%, and the oil & gas sector fell by 0.03%. The insurance sector grew by 0.87% while the industrial sector closed unchanged.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦284.41 billion to close at ₦66.48 trillion. #Equities Investors Lose N284bn as MTNN, Banks Stocks Fall CBN Opens FX Window for BDC to Stock up at NFEM Rate
