Equities Investors Lose N313bn as Nigerian Exchange Pullback
Equities investors trading highs and lows on the Nigerian Exchange (NGX) platform lost more than N313 billion as the market began to correct its latest explosive rally in the past four days.
The Nigerian equity market ended the week on a negative note, snapping its recent bullish streak, as key market performance indicators dropped by 0.46%.
Despite a positive market breadth, the bearish close was driven by profit-taking activities in recently appreciated medium- and large cap stocks across major market sectors of the market. As a result, the market index fell by 498.56 basis points today, representing a drop of 0.46% to close at 108,733.40.
Stockbrokers said equities market activities were down today, as the total volume and total value of all trades reduced by 17.12% and 22.18%, respectively.
In its note, Atlass Portfolios Limited told investors that approximately 459.21 million units valued at ₦11,164.94 million were transacted across 15,723 deals.
In terms of volume, TANTALIZER led the activity chart, accounting for 22.11% of the total volume of trades, followed by GTCO (11.18%), ACCESSCORP (9.85%), ZENITHBANK (4.75%), and STERLINGNG (3.38%), rounding out the top five. GTCO emerged as the most traded stock in value terms, accounting for 31.71% of the total value of all trades on the exchange.
ABCTRANS and STERLINGNG topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by CHELLARAM (+9.94%), ACADEMY (+9.92%), REDSTAREX (+9.90%), MULTIVERSE (+9.89%), TIP (+9.87%) and twenty-seven others.
Thirty-two stocks depreciated, according to data from the Nigerian Exchange. TRANSPOWER was the top loser, with a price depreciation of -9.98%.
Other decliners include HMCALL (-9.57%), SUNUASSUR (-6.73%), TRANSCORP (-4.55%), UCAP (-3.13%), and ACCESSCORP (-2.29%). Today, the market breadth closed positive, recording 34 gainers and 32 losers.
However, the market sectoral performance was negative, according to stockbrokers. The five major market sectors were down, led by the insurance sector, which dropped by 0.22%, followed by the industrial sector, which dipped by 0.18% and the consumer goods sector declined by 0.05%. The Oil & Gas sector fell by 0.02%, and the Banking sector slipped by 0.01%.
Overall, the equities market capitalisation lost ₦313.34 billion, representing a decline of 0.46%, to close at ₦68.34 trillion. #Equities Investors Lose N313bn as Nigerian Exchange Pullback#
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