Investors Lose N279bn as Equities Market Movers Tumble
The Nigerian Exchange (NGX) fell by more than N279 billion over crunching selloffs on blue-chip stocks.
Again, the Nigerian equities market extended losses as investors took profit on high priced companies stocks as investors anticipate the release of big banks earnings results.
Equities market key performance indicators declined by 0.50% as a results of bear activities, dragging the year to date returns lower for second time in the new week.
Data showed that the All-Share Index reduced by 491.74 basis points to close at 97,390.01. Today’s slump was spurred by losses in OANDO, CHAMS, BUACEMENT, and UBA, among others.
In two days, equities investors have lost ₦682 billion, stockbrokers said, as negative trade persist following interest rate hike last month. Nevertheless, market activities still inched higher, as the total volume and total value traded increased by 20.27% and 18.23% respectively.
In a market update, Atlass Portfolios Limited told investors that approximately 599.25 million units valued at ₦13,916.17 million were transacted across 11,237 deals.
GTCO was the most traded stock in terms of volume, accounting for 12.02% of the total volume of traded, followed by JAPAULGOLD, which accounted for 11.62% of the volume transacted in the market.
Other volume drivers include ACCESSCORP (11.07%), VERITASKAP (10.16%), and OANDO (6.86%) to complete the top 5 on the volume chart.
GTCO also emerged as the most traded stock in value terms, the financial services stocks accounted for 23.58% of the total value of trades conducted on the exchange.
MECURE topped the advancers’ chart with a price appreciation of 9.98 percent, trailed by NEIMETH which gained +9.90%. Other gainers include CHAMPION (+9.75%), UPL (+9.63%), RTBRISCOE (+9.35%), ABCTRANS (+9.09%), and twenty others.
Stock data showed that twenty-nine stocks depreciated. OANDO was the top loser, with a price depreciation of -9.97%. Other decliners include LIVESTOCK (-8.10%), LINKASSURE (-7.61%), JAPAULGOLD (-5.39%), UBA (-4.37%), and BUACEMENT (-3.94%).
Given the trading direction today, the market breadth closed negative, recording 26 gainers and 29 losers. Today, the market sector performance was negative, as four out of the five major market sectors closed the day negatively.
The banking sector dropped by -1.92% followed by the insurance sector which shed 1.47% while the industrial sector lost 1.22%. The oil and gas sector lost 0.13% while the Consumer goods sector was up by +0.82%.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦279.08 billion close at ₦55.30. #Investors Lose N279bn as Equities Market Movers Tumble
