FirstHoldco, Access, Drown NGX Index, Investors Lose N758bn
First Holdco, Access Plc, Geregu Power, and sell pressure in other mid- and large-cap stocks weighed on the Nigerian Exchange (NGX) All-Share Index and market cap on Wednesday.
Equities investors lost N758 billion as profit-taking persisted for the third day, dragging the year-to-date return to 54.74%, outpacing Nigeria’s headline inflation.
Key performance indicators slipped by 49 basis points as inflation shifted investor sentiment, amid rising spot rates on fixed-income instruments.
With the Insurance sector accounting for the steepest losses today, investors’ wealth has shrunk by a cumulative ₦2.5 trillion so far this week.
The market index fell by -1,182.08 basis points in today’s trading session to close at 240,802.72, while market capitalisation declined by ₦758.16 billion to close at ₦154.45 trillion.
However, market activity was up today, with total trade volume and total value traded increasing by 23.80% and 8.51%, respectively. Approximately 662.96 million units valued at ₦39,978.84 million were transacted across 51,143 deals.
Down by about 2%, ACCESSCORP topped the volume chart, accounting for 19.71% of all transaction volume in the local bourse, followed by JAIZBANK (17.39%), STERLINGNG (4.71%), INTBREW (3.34%), and LINKASSURE with 2.57%.
MTNN accounted for 20.51% of the aggregate transaction value executed in the stock market, making it the most actively traded on the exchange.
NEIMETH topped the gainer chart, up by +9.47%, then trailed by CORNERST (+9.26%), VFDGROUP (+7.96%), MCNICHOLS (+7.14%), SUNUASSUR (+3.9%), UPDC (+2.82%), and seven others.
A total of 50 stocks depreciated, with First Holdco down by about 4%, Access Holdings by about 2%, Zenith Bank by 1%, and UBA by about 0.5% in the market.
With a price depreciation of -10.00%, GEREGU topped the worst performers’ chart, followed by OKOMUOIL (-9.97%), REDSTAREX (-9.95%), CONHALLPLC (-9.91%), INTENEGINS (-9.90%), and LEGENDINT (-9.48%).
Hence, market breadth closed on a negative note, with 13 gainers and 50 losers. Sectoral performance was negative today, with three of the five major market sectors closing in the red.
The Insurance sector declined by -2.29%, followed by the Banking sector (-1.04%), and the Industrial goods sector (-0.0004%). The Oil & Gas sector and the Consumer goods sector increased by 0.03% and 0.01%, respectively. NGX YTD Return Tops 57% as Investors Gain N1.38trn
