Equity Investors Lose N900bn as Selloffs Shrinks NGX Index
Nigerian stocks plunged amid sharp selling pressure, with equity investors losing more than N900 billion in their combined portfolios. The Exchange closed this week’s trading session in negative territory, as key performance indicators decreased by -0.69% ahead of Islamic holiday.
Activity of sell-side actors in some medium- and large-cap stocks triggered a market pullback.
Notable decliners included ARADEL, PRESCO, GTCO, UBA, WEMABANK, and others across key market sectors. The Oil & Gas sector took the biggest hit today, declining by 4.58%.
Specifically, the market index, or All-Share Index, fell by 1,402.72 basis points to close at 201,156.85. NGX market capitalisation fell by ₦900.44 billion to close at ₦129.13 trillion.
Despite today’s negative closing, investors’ wealth grew by an aggregate of ₦1.8 trillion, as trading activities closed for the week.
However, market activity was up, with total trade volume and total value increasing by 246.00% and 47.64%, respectively. Approximately 6,061.26 million units valued at ₦130,059.86 million were transacted across 58,562 deals.
WEMABANK topped the volume chart, accounting for 12.52% of all units transacted in the local bourse, followed by WAPIC (10.84%), DANGCEM (8.46%), ACCESSCORP (6.91%), and ZENITHBANK (6.13%).
DANGCEM drove the value chart, accounting for 53.41% of total trade, making it the most traded on the exchange. NSLTECH topped the risers chart, up by +10.00%, trailed by GUINNESS (+9.92%), JOHNHOLT (+9.72%), SOVRENINS (+9.57%), LINKASSURE (+9.33%), AUSTINLAZ (+8.54%), and twenty-five others.
A total of thirty-eight stocks depreciated. With a price depreciation of -9.98%, REDSTAREX topped the worst performers’ chart, followed by ARADEL (-9.68%), PRESCO (-9.30%), LIVINGTRUST (-8.40%), DAARCOMM (-7.50%), and GTCO (-7.41%).
Hence, the market breadth closed on a negative note, with 31 gainers and 38 losers. Sectoral performance was positive. The Consumer goods sector increased by +1.19%, followed by the Industrial goods sector (+0.46%), and the Insurance sector (+0.43%).
The Oil & Gas and Banking sectors declined by -4.58% and -2.14%, respectively. Guinness Nigeria Sees Sharp Intraday Rally After AGM Notice
