Investors Lose N105bn as Equities Market Backflip
Investors lost about N105 billion as the equities market segment of the Nigerian Exchange (NGX) backflip after gaining streaks spanning four trading sessions. The market was booming with investors taking positions in banking, consumer, and oil and gas indexes amidst declining spot rates in the fixed income market.
Key performance indicators declined by 0.19% as investors began to take profit on stocks that had rallied. The market index or the All-Share Index dipped by 181.88 basis points to close at 98,049.04 points, data obtained from the Nigerian Exchange showed.
The local market halted its positive streak due to profit-taking across all the major market sectors, led by the Banking sector, which recorded a 0.62% loss. However, market activities inched higher as the total volume and total value traded increased by 30.94% and 50.26% respectively.
Stock analysts at Atlass Portfolios Limited said in an update that approximately 473.09 million units valued at ₦11,369.76 million were transacted across 9,848 deals.
JAPAULGOLD was the most traded stock in terms of volume, accounting for 23.36% of the total volume of traded in the market. Other volume drivers include UACN (12.67%), FIDELITYBK (10.67%), HONYFLOUR (5.71%), and GTCO (3.23%).
UACN emerged as the most traded stock in value terms, accounting for 18.20% of the total value of traded on the exchange. ABCTRANS and MCNICHOLS topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
Other gainers include UPL with (+9.95%) growth, FIDSON (+9.85%), CAVERTON (+9.80%), FIDELITYBK (+9.73%), DEAPCAP (+9.52%) and eighteen others.
Twenty-six stocks depreciated due to selloffs. HONYFLOUR was the top loser, with a price depreciation of -9.98%. Other decliners include FBNH (-9.88%), TANTALIZER (-8.82%), FTNCOCOA (-5.78%), NEIMETH (-4.76%), and FLOURMILL (-1.75%).
Stock data showed that the market breadth closed slightly negative, recording 25 gainers and 26 losers. In addition, the market sector performance was negative, as all five major market sectors were down. The banking sector declined by -0.62%, followed by the insurance sector, which lost -0.57%, while the consumer goods sector dipped by -0.26%).
Also, the Oil & Gas sector fell by -0.13% and the Oil & Gas sector went down by -0.06%. Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦104.51 billion to ₦56.34 trillion. #Investors Lose N105bn as Equities Market Backflip Naira Falls to N1,486 as FX Crisis Deepens
