Equities Investors Lose N34bn to Selling Rallies on NGX

The Nigerian Exchange (NGX) was down by more than N34 billion on Wednesday due to selling rallies in the local bourse. The market reversed the positive trend to close negative as the market weighed the monetary authority’s decision to suspend its bi-monthly policy meeting for November 2023.

Midweek trading results showed that key performance indicators dropped by -0.09%, resulting in moderation in year-to-date return as bellwether companies’ stock recorded losses.

Atlass Portfolios Limited said in its market update that the downturn experienced in the domestic bourse was due to profit-taking in some recently appreciated medium and large-scale stocks.

These include FBNH, DANGSUGAR, MTNN, and others. Stockbrokers noted that despite this, the market breadth was largely positive. Data from the local bourse revealed that year-to-date return moderated to 38.54% as a result of a switch to selling rallies in the exchange.

The market index or the Nigerian Exchange All-Share Index decreased by 62.57 basis points, representing a decline of -0.09% to close at 71,003.98. However, market activities were mixed, Atlass Portfolios Limited told investors in an email update. The total volume traded dropped by -12.81%, while the total value traded grew by +128.85%.

Approximately 428.44 million units valued at ₦7,373.01 million were transacted in 6,677 deals, details from trading results from the local bourse showed.

VERITASKAP was the most traded stock in terms of volume, accounting for 14.62% of the total volume of trades. The Insurer was followed by UNITYBNK (9.10%), GTCO (7.97%), UBA (4.64%), and JAIZBANK (4.48%) to complete the top 5 on the volume chart.

MTNN was the most traded stock in value terms, with 38.18% of the total value of trades on the exchange. DAARCOMM, RTBRISCOE, and UNITYBNK topped the advancers’ chart with a price appreciation of 10.00 per cent each.

These stocks were trailed by gains in MECURE (9.96%), MULTIVERSE (+9.82%), NSLTECH (+9.52%), NEIMETH (+9.47%), and twenty-nine others. Fourteen stocks depreciated, according to market data. CILEASING was the top loser, with a price depreciation of -7.56%. Other losers include PRESTIGE (-7.55%), INTBREW (-5.56%), FBNH (-4.00%), DANGSUGAR (-1.64%), and MTNN (-0.63%).

Based on the trend movement, the market breadth closed positive, recording 36 gainers and 14 losers. However,, the market sector performance closed at par. Two of the five major market sectors advanced.

The Insurance and Banking sectors grew by +0.75% and +0.19% respectively.  The consumer goods and Industrial sectors dropped by -0.19% and -0.08% accordingly. The Oil and Gas sector closed flat.

Overall, equities market capitalisation went down by ₦34.46 billion to close at ₦39.05 trillion from ₦39.08 trillion yesterday. #Equities Investors Lose N34bn to Selling Rallies on NGX Naira Devaluation Deepens Economic Crisis in Nigeria