Equities Investors Lost N516bn over Sustained Market Correction
Equities investors lost more than N516 billion due to the second day market correction after monster rallies that pushed key indexes to all-time highs. The Nigerian Exchange closed the week on a bearish note with key performance indicators moderating by 0.68% on the back of huge profit taking activities.
The selloffs on Friday marked the second consecutive day of losses, largely attributed to profit-taking in recently appreciated medium- and blue-chip stocks across key sectors. The Exchange had maintained an uptrend for six straight sessions. As a result of the trading pattern, the All-Share index shed 815.75 basis points today, settling at 119,995.76 index points.
Market activities went down as the total volume and total value of all trade executed reduced by 28.76% and 28.91%, respectively. In its market update, Atlass Portfolio Limited told investors that approximately 625.78 million units valued at ₦12,782.01 million were transacted across 21,800 deals.
In terms of volume, JAPAULGOLD led the activity chat, accounting for 14.13% of the total volume of all trades executed on the exchange, followed by ELLAHLAKES (12.81%), ACCESSCORP (8.97%), CAVERTON (8.64%), and ZENITHBANK (4.89%), rounding out the top five.
ZENITHBANK emerged as the most traded stock in value terms, accounting for 13.75% of the total value of all trades consummated on the exchange. NEIMETH topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by LEARNAFRCA (+9.91%), MECURE (+9.91%), ACADEMY (+9.44%), SMURFIT (+9.09%), ETRANSACT (+7.59%), and twenty-one others.
Thirty-two stocks depreciated, according to data from the Nigerian bourse. LEGENDINT was the top loser, with a price depreciation of -9.98%. Other decliners include BUACEMENT (-9.92%), OANDO (-8.72%), BERGER (-6.40%), TANTALIZER (-3.21%), and ACCESSCORP (-2.43%).
Stockbrokers reported that the market breadth closed negative, recording 27 gainers and 32 losers. The sectoral performance was negative, as four out of the five major market sectors dipped.
The industrial sector declined by 3.64%, followed by the insurance sector, which retreated by 1.36%. The oil & gas sector fell by 1.00%, and the banking index dropped by 0.77%. The consumer goods sector advanced by 0.17%.
Overall, the Nigerian Exchange market capitalisation dropped by approximately ₦516.41 billion, ending the session at ₦75.96 trillion. #Equities Investors Lost N516bn over Sustained Market Correction TotalEnergies to Revive $20 Billion Mozambique LNG Project, Aims for 2029 Production
