FBNH, Ecobank, Transcorp Selloffs Drag NGX Lower by N206bn
It has been a dirty week as bears go on the rampage in the equities market amidst a surge in the consumer price index, the benchmark interest rate and mild economic growth data. Key performance indicators tumbled by 0.52% as the Nigerian Exchange (NGX) recorded another downturn on Friday.
With banking stocks topping their targets, equities investors has continued to offload stocks from their portfolios as elevated yields in fixed income triggered appetite for risk free investment options, causing a drive to safe-haven.
The Nigerian Exchange All-Share Index decreased by 365.51 basis points today, a 0.37% decline, to close at 97,612.51 points. Then, year-to-date return moderated further amidst rising headline inflation prints. Stockbrokers reported that activities in the equities market surged amidst sustained negative sentiment. The overall amount traded increased by 97.63% and the overall volume by 143.04%, respectively.
In its market update, Atlass Portfolios Limited told investors that approximately 769.09 million units valued at ₦15,217.53 million were transacted in 7,585 deals. ETI was the most traded stock in terms of volume. Transactions on the Pan African lender shares accounted for 72.17% of the total volume of traded.
The financial services group was trailed by UBA, which accounted for 5.06% of total trade. Other volume drivers include: ZENITH BANK (3.18%), FBNH (2.66%), and ACCESSCORP (2.02%). Equities market report revealed that ETI was also the most traded stock in value terms. Transaction value on the ticker accounted for 76.33% of the total value of trades on the exchange.
INTENEGINS topped the advancers’ chart with a price appreciation of 9.93 per cent, trailed by CUTIX which gained +9.84%. Other gainers include JAIZBANK (+8.00%), SOVRENINS (+7.69%), JAPAULGOLD (+7.47%), UPL (+6.98%), and ten others.
Twenty stocks depreciated, stockbrokers said in their separate reports. PZ was the top loser, with a price depreciation of -10.00%. Other decliners are ETI (-9.98%), FBNH (-9.31%), INTBREW (-8.52%), ZENITH BANK (-2.76%), and DANGSUGAR (-2.38%).
The market breadth closed negative, recording 16 gainers and 20 losers. Also, sectoral performance ended on a negative note. Three out of the five major market sectors closed negative. The Banking sector dropped by -2.78%, followed by the Consumer goods sector which lost -0.42% while the Insurance sector fell by -0.31%.
On the other hand, the Industrial sector grew marginally by +0.01%. The Oil & Gas sector closed flat. Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦206.62 billion to close at ₦55.22 trillion. #FBNH, Ecobank, Transcorp Selloffs Drag NGX Lower by N206bn Interest Rate on Nigerian Treasury Bill Spikes to 21.45%
