Equities Investors Lose N57bn as FBNH, Fidelity Bank Retreat
The Nigerian Exchange, NGX, shrank by about N57 billion on Friday due to late hour selloffs in FBN Holdings and Fidelity Bank. The two banking names had drove intraday rally following renewed demand by some investors. Their respective share price retreated thereafter as major selloffs cloud buying interest.
FBN Holdings and Fidelity Bank became target for selloffs due to latest development in the market. Yesterday, FBN Holdings Chairman, Femi Otedola splashed N19 billion to acquired more shares in the financial services group. The move, according to some stockbrokers was to consolidate position as largest shareholders of the elephant branded financial services group.
On the other hands, Fidelity Bank Plc is in the market to raise capital on share prices at a level quite competitive with rate on the open market. Its N127 billion capital raise via right issues have divided market attention.
At the close of trading session, the market performance indicators fell by -0.10%, according to data from the Nigerian bourse. On weekly comparison, stockbrokers said the local exchange is down by 0.18%.
The nudge down was primarily due to profit-taking in the financial sector and other major stocks, leading to a ₦103 billion decline in investor wealth.
Today, the market index or All-Share Index reduced by 99.77 basis points, representing a decrease of -0.10% to close at 99,743.05. Based on the trading pattern, market activities dipped. Total volume and total value traded for decreased by -52.52% and -55.20% respectively.
In its market update, Atlass Portfolios Limited said approximately 617.22 million units valued at ₦11,346.08 million were transacted in 9,273 deals.
FBNH was the most traded stock in terms of volume, accounting for 33.70% of the total volume of trades, followed by GTCO (9.49%), VERITASKAP (9.34%), AIICO (7.59%), and FIDELITYBK (6.23%).
The elephant branded financial services group was also the most traded stock in value terms, with 40.37% of the total value of trades on the exchange.
INTBREW topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by THOMASWY which gained +9.95%. Other gainers are CHAMS (+9.86%), CHAMPION (+9.83%), JOHNHOLT (+9.66%), MCNICHOLS (+9.52%), and seventeen others.
NGX data showed that twenty six stocks depreciated on Friday. It was noted that MULTIVERSE was the top loser, with a price depreciation of -9.68%. Other decliners are: SUNUASSUR (-6.25%), FIDELITYBK (-4.81%), FBNH (-3.42%), STERLINGNG (-2.27%), and FTNCOCOA (-2.19%).
At the end of the trading session, the market breadth closed negative, recording 23 gainers and 26 losers. Nevertheless, the market sector performance was positive.
Stockbrokers said three of the five major market sectors closed higher in the local bourse. The Consumer goods sector grew by +0.16%, followed by the Oil & Gas sector which rose by +0.12% while the Industrial sector gain +0.08%. The Insurance and Banking sector dropped by -1.46% and -1.26% respectively.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦56.51 billion to close at ₦56.42 trillion. #Equities Investors Lose N57bn as FBNH, Fidelity Bank Retreat
