FBNH, Oando Drag Nigerian Exchange Down by N84 billion
The equities market capitalisation of the Nigerian Exchange (NGX) declined by more than N84 billion as investors exited positions in FBNH, Oando Plc, and others on the stock trading platform.
Investors continue to take profit despite the reduced inflation temperature that had prompted yield repricing in the fixed income market. Stockbroker reported that key performance indicator was lowered by 0.15% with sustained selloffs in Oando Plc, FBN Holdings and Dangote Sugar Refinery shares among other decliners.
Consequently, the All-Share Index fell by 148.46 basis points to close at 97,100.36. The bearish display marks the fourth consecutive sell side activities in the local bourse. Major decliners include OANDO, ETI, Dangote Sugar Refinery Plc. In total, the sell-offs have resulted in a cumulative loss of ₦846 billion in investors’ wealth over four days, as headline inflation eased to 33.40% in July, Atlass Portfolios Limited told investors in an emailed note.
The market registered decline in activities with total volume and total value transacted dropping by 13.97% and 35.71% respectively. Stockbrokers said approximately 271.26 million units valued at ₦3,522.89 million were transacted across 7,233 deals.
VERITASKAP was the most traded stock in terms of volume, accounting for 12.33% of the total volume of trades, followed by STERLINGNG (6.15%), AIICO (6.05%), RTBRISCOE (5.97%), and GTCO (5.89%) to complete the top 5 on the volume chart.
Meanwhile, GTCO emerged as the most traded stock in value terms, with 20.61% of the total value of trades on the exchange. NEIMETH topped the advancers’ chart with a price appreciation of 9.55 percent, trailed by TOTAL which gained +8.82%.
Other gainers include AIICO (+6.54%), CILEASING (+6.07%), UPDC (+4.92%), UNIVINSURE (+3.23%), and eight others. Thirty-one stocks depreciated, according to data from the Lagos exchange. Again, OANDO was the top loser, with a price depreciation of – 9.94%.
Other decliners include ABCTRANS (-9.52%), GUINEAINS (-9.09%), OMATEK (-7.14%), DANGSUGAR (-3.52%), and ACCESSCORP (-1.29%). Stockbrokers said the market breadth closed negative, recording 14 gainers and 31 losers. However, the market sector performance was positive, as three of the five major market sectors were up.
The oil & gas sector grew by 2.07%, followed by the insurance sector, which gained +0.41%, while the banking sector popped up by +0.03%. On the other hand, the consumer goods sector dropped by -0.60%, but the industrial sector closed flat. Overall, the equity market capitalisation dropped ₦84.06 billion to close at ₦55.13. Access Holdings Rated Buy on 56% Upside Potential
