Equity Investors Lose N596bn as GTCO, Lafarge Africa, Transcorp Fall
Investors lost about N596 billion in the equity segment of the Nigerian Exchange (NGX) as sell pressure on large cap stocks plunged market capitalisation down by 67 basis points or 0.67%.
Market capitalisation lost N595.80 billion to close at approximately N87.81 trillion, with bearish sentiments dominating trading activities.
Lafarge Africa with trade Ticker: WAPCO (-9.9%) and TRANSCORP (-4.3%) drove the All-Share Index lower on Tuesday. The market also witnessed sell pressures on Cadbury Nigeria. Dangote Sugar Refinery and GTCO among others.
The NGX All share index decreased by 0.67%, closing at 138780.55 points, while Year-to-Date returns moderated to +34.83%.
The total volume of trades declined by 0.1% to 407.57 million units, valued at NGN39.87 billion, and exchanged in 31,406 deals. GTCO was the most traded stock by volume at 32.61 million units, while SEPLAT was the most traded stock by value at NGN28.45 billion.
On sectors, the Insurance (-2.2%), Industrial Goods (-1.5%), Consumer Goods (-1.4%) and Banking (-0.6%) indices declined, while the Oil & Gas (+0.1%) index advanced.
As measured by market breadth, market sentiment was negative (0.2x), as 46 tickers lost relative to 11 gainers. WEMABANK (-10.0%) and AIICO (-10.0%) posted the most significant losses of the day, while NCR (+10.0%) and AUSTINLAZ (+10.0%) led the gainers.
Major drivers of today’s downturn include WAPCO (-9.88%), INTBREW (-6.72%), WEMABANK (-10.00%), and DANGSUGAR (-5.17%).
Reflecting the broad-based weakness in investor sentiments, market breadth printed at 0.23x as the day’s session produced more losers (48) than gainers (11).
Overall, NCR (+9.96%) emerged as the best-performing counter, while AIICO (-10.00%), CONHALL (-10.00%), WEMABANK (-10.00%) and PRESTIGE (-10.00%) led the laggards.
Sectoral performance was largely bearish today. Notably, the Insurance (-2.23%) recorded the steepest fall, predominantly driven by selloffs in AIICO (-10.00%).
The Industrial Goods (-1.47%), Consumer Goods (-1.35%), and Banking (-0.82%) indexes followed suit, as investors sold WAPCO (-9.88%), DANGSUGAR (-5.17%), and WEMABANK (-10.00%), respectively.
However, the Oil & Gas (+0.10%) index recorded a meagre uptick following buying interest in OANDO (+1.04%), while the Commodity basket closed flat.
Overall, the market capitalisation declined by a total of N595.80 billion to close at approximately N87.81 trillion on Tuesday. #Equity Investors Lose N596bn as GTCO, Lafarge Africa, Transcorp Fall#
GCR Affirms Ogun State’s Ratings of BBB+ with Positive Outlook
