Equities Investors Lose N930bn as Dangote, Transcorp Power Plunge
Equities investors on the Nigerian Exchange (NGX) trading platform have become casualties of the latest stock market rout, losing more than N930 billion on Wednesday as inflation rate spiked. The market faced significant sell pressure as investors sold down interest as inflation altered investors sentiment.
The stock market bled profusely as the statistics office reported that inflation rate surged to 34.80% in December. Data from the Nigerian Exchange showed that key performance indicators declined by 1.47% while year-to-date return moderated further.
Stockbrokers said the downturn was fuelled by significant sell-offs in some blue-chip stocks such as DANGCEM, TRANSPOWER, and 37 other equities. The All-Share Index reduced by 1,526.14 basis points today, representing a drop of -1.47% to close at 102,095.95. In four days, the Nigerian Exchange equities market capitalisation has lost ₦2.09 trillion.
Stockbrokers said equities market activities declined as the total volume and total value trades dropped by 14.79% and 25.99%, respectively. In its note, Atlass Portfolios Limited told investors that approximately 435.54 million units valued at ₦9,442.36 million were transacted across 12,098 deals.
In terms of volume, UNIVINSURE led the activity chart, accounting for 16.44% of the total volume traded on the exchange, followed by AIICO (9.28%), ACCESSCORP (3.94%), LIVESTOCK (3.93%), and NB (3.79%), rounding out the top five.
ARADEL emerged as the most traded stock in value terms, accounting for 9.62% of the total value traded on the exchange. DANGSUGAR, NASCON, and SUNUASSUR topped the advancers’ chart with a price appreciation of 10.00 percent each.
These top gainers were trailed by SKYAVN (+9.95%), AUSTINLAZ (+9.94%), NEIMETH (+9.84%), NNFM (+9.76%), ACADEMY (+8.39%) and twenty others. Stockbrokers said thirty-nine stocks depreciated, according to data from the Nigerian Exchange.
Trading records revealed that DANGCEM and UNIVINSURE were the top losers, with a price depreciation of -10.00% each. Other decliners include TRANSPOWER (-9.97%), REGALINS (-9.64%), AFRIPRUD (-8.06%), VITAFOAM (-3.81%), and GTCO (-1.04%).
Today, the market breadth closed negative, recording 28 gainers and 39 losers. Despite the sell pressures, the sectoral performance was positive, as three of the five major market sectors closed positive.
The consumer goods sector grew by 0.99%, followed by the oil & gas sector, which gained 0.15%, while the banking sector rose by 0.02%. The industrial and insurance sectors dipped by 4.70% and 3.47%, respectively.
Overall, the equities market capitalisation of the Nigerian Exchange fell by ₦930.62 billion to close at ₦62.26 trillion. #Equities Investors Lose N930bn as Dangote, Transcorp Power Plunge FBN Holdings Records Huge Off-Market Shares Transactions
