Equity Investors Lose N444bn as Nigerian Exchange Retreats
Equity investors lost N444 billion as Nigerian Exchange (NGX) key performance indicators retreated on Wednesday due to renewed selloffs. Trading activities ended in a bloodbath that plunged the stock market year to date return, reflecting investors’ downbeat sentiment.
With market wide sell pressures, the All-Share Index reduced by 698.56 basis points in today’s trading session, representing a 0.49% decrease to close at 143,064.57 points. The NGX market cap lost ₦444.31 billion to close at ₦90.99 trillion.
The Nigerian bourse was dragged down by investors’ profit-taking activities in AIICO, IKEJAHOTEL, STERLINGNG, CADBURY, and BUACEMENT, among others. The market is weighing the recent interest rate policy decision of the Central Bank amid other existing economic and global headwinds.
Trading inched higher today as the total volume of stocks traded in the market and their total value increased by +32.76% and +89.89%, respectively. Stockbrokers said approximately 738.35 million units valued at ₦35,535.49 million were transacted across 19,919 deals.
GTCO topped the volume chart, accounting for 18.18% of all transaction volume, followed by ACCESSCORP (14.98%), FIRSTHOLDCO (8.51%), UBA (5.32%), and NB with 5.15%.
The financial services group also topped the value chart, accounting for 32.58% of the total value of all trades executed in the local bourse – the highest traded on the exchange.
AIICO led the gainers chart, up by +10.00%, followed by NCR (+9.96%), IKEJAHOTEL (+9.41%), PRESTIGE (+7.38%), STERLINGNG (+6.85%), MANSARD (+6.83%), and twenty-two others.
According to the market report, a total of twenty-seven (27) stocks depreciated. With a price depreciation of -10.00%, LEARNAFRICA topped the worst performers’ chart, followed by CADBURY (-9.92%), MEYER (-9.91%), UPDC (-8.83%), INTBREW (-8.33%), and MBENEFIT (-7.46%).
Hence, the market breadth closed on a positive note as there were 28 gainers and 27 losers. Meanwhile, sectoral performance was positive today, as three out of the five major market sectors increased.
The Insurance sector rose by +2.66%, followed by the Banking sector, up by +0.24%, and the Oil & Gas sector climbed by +0.17%. The Industrial goods sector decreased by -2.03%, and the Consumer goods sector fell by 1.33%.Conoil to Pay Shareholders N3.5 Final Dividend in Dec.
