Equities Investors Lose N77bn as Nigerian Bourse Tumbles
The Nigerian stock market ends the last trading day in the week lower as equities investors lose about N77 billion amidst the second quarter of the financial year 2022 earnings season.
Profit-taking activities have dominated the local bourse after the Central Bank of Nigeria (CBN) interest rate hike as fixed income continues to see yield repricing.
Stock market indicators dipped by 0.27 percent while year-to-date return moderated further to 21.69%. Due to the persistent bearish outing, the Nigerian Exchange (NGX) All-Share Index tanked 142.08 points on Friday to 51,979.92.
Data from the Nigerian Exchange shows that equities market capitalisation settled at ₦28.03 trillion on Friday, though trading activities were bullish. READ: Treasury Bill Yield Rises as Naira Tumbles
Total volume and value traded in the local bourse rose by 34.96 percent and 41.78 percent, respectively, according to Stockbrokers notes. Citing data from the local bourse, Atlass Portfolios Limited said about 205.06 million units valued at ₦3.06 billion were transacted in 3,600 deals.
On Friday, UBA emerged as the most traded stock in terms of volume, accounting for 31.09 percent of the total volume of trades. The Pan African lender was followed closely by GTCO (17.75%), FLOURMILL (8.95%), ZENITH BANK (7.82%), and FBNH (4.65%) to complete the top five on the volume chart.
Meanwhile, stock analysts said GTCO was the most traded stock in value terms, with 24.70 percent of the total value of trades on the exchange.
On the gainers’ chart, INTBREW ranked higher with a price appreciation of 9.09 percent, trailed closely by NEM whose share price rose 7.26%) and there was 1.10% jump in NAHCO’s share price.
FBNH gained 0.45%, FIDELITYBK share price inched upward by 0.32% and there was price appreciation in another four listed companies’ shares.
On the other hand, eighteen stocks depreciated, topped by MAYBAKER with a price depreciation of 10.00 percent, to close at ₦3.6, according to Atlass Portfolios Limited.
Lafarge WAPCO share declined by 7.31%, ETI hit the bumps by dropping 5.66%) ZENITH BANK lost 05.47% while FLOURMILL fell by 2.94%.
MANSARD share price dropped by 1.53%, OANDO sank by 0.77% while UBA shed 0.68% and GTCO lost 0.48% of its opening price. The market breadth closed at largely negative, recording 9 gainers and 18 losers while sectoral performance closed on a bearish note.
Market data shows that three of the five sectors closed negatively compared to the previous session. This was led by Banking (-2.74%), Industrial Goods (-0.54%), and Oil & Gas (-0.12%). While the Consumer Goods and Insurance sector grew by 0.22% and 1.31%, respectively. # Equities Investors Lose N77bn as Nigerian Bourse Tumbles
