Equities Investors Lose N939bn as Banking Index Tumbles
The Nigerian Exchange (NGX) All-Share Index was down by N939 billion as the market recorded sharp price depreciation in Tier-1 banks’ stocks on Friday.
The equity market traded all red in five days, with key market performance indicators down 0.62% amid extended bearish sentiment ahead of Q2 earnings releases.
Mid-cap and blue-chip stocks such as GTCO, FIRSTHOLDCO, ZENITHBANK, WAPCO, UBA, among others, recorded significant losses on Friday, stockbrokers said.
The market index fell by -1,463.65 basis points to close at 235,941.27, while market capitalisation fell by ₦938.76 billion to close at N151.33 trillion.
Total volume of all trades conducted and their total value declined by -36.33% and -78.88%, respectively. Atlass Portfolio Limited told investors in a note that approximately 440.37 million units valued at ₦24,680.34 million were transacted across 50,273 deals.
ACCESSCORP was the volume leader, accounting for 14.84% of units traded in the local bourse, followed by ZENITHBANK (8.04%), STERLINGNG (6.50%), UBA (3.73%), and GTCO with 3.20%.
MTNN topped the value chart, accounting for 18.81 of the total value of all transactions executed in the stock market.
DEAPCAP led the gainers chart, up by +9.89%, trailed by RTBRISCOE (+9.62%), INTENEGINS (+7.43%), JAIZBANK (+7.14%), LIVINGTRUST (+5.26%), ARADEL (+4.79%), and fifteen others. A total of thirty (30) stocks depreciated.
With a price depreciation of -10.00% each, NAHCO and ROYALEX topped the worst performers’ chart, followed by GTCO (-9.97%), FIRSTHOLDCO (-9.84%), NEIMETH (-9.60%), AIICO (-9.09%), and JOHNHOLT (-8.57%).
Hence, market breadth closed on a negative note, with 21 gainers and 30 losers. Sectoral performance was negative today, with four of the five major market sectors declining.
The Banking sector led the decline by -4.41%, followed by the Insurance sector (-1.52%), the Industrial goods sector (-0.71%), and the Consumer goods sector (-0.13%). Only the Oil & Gas sector increased by +2.35%. FirstHoldco, Access, Drown NGX Index, Investors Lose N758bn
