Investors Lose N515bn as Market Extends Price Corrections
The Nigerian Exchange (NGX) market capitalisation shrank for the third trading session, with investors recording a loss of about N515 billion in portfolio value.
The local bourse has maintained a downward trend since the Nigerian Exchange Authority’s warning, suggesting that some stocks are overbought.
The market closed today’s trading session in negative territory, as key performance indicators, the NGX-ASI and the Market Capitalisation, both decreased by -0.41%.
The exchange witnessed price declines in some medium- and large-cap stocks across key market sectors. The All-Share Index fell by -802.39 basis points in today’s trading session, indicating a -0.41% decline to close at 193,567.81 points.
Likewise, the Nigerian stock market capitalisation fell by ₦514.99 billion to close at ₦124.24 trillion, driven by selling pressure in consumer, banking and insurance names, among others.
Stockbroker reported that market activity declined, with total volume and total value down -36.01% and -30.58%, respectively. Atlass Portfolio Limited reported that approximately 868.54 million units valued at ₦31,484.85 million were transacted across 69,310 deals.
JAIZBANK was the volume driver, accounting for 9.16% of transactions on the local bourse, followed by JAPAULGOLD (8.50%), ACCESSCORP (7.76%), CHAMS (6.60%), and ZENITHBANK (5.28%).
ZENITHBANK topped the value chart, accounting for 12.93% of the total value of all trades executed in the Nigerian market.
FTNCOCOA topped the gainers’ chart with +10.00% on record, trailed by RTBRISCOE (+9.95%), DEAPCAP (+9.92%), JAPAULGOLD (+9.91%), ELLAHLAKES (+9.72%), OMATEK (+9.72%), and twenty-three others.
A total of thirty-eight stocks depreciated. With a price depreciation of -9.98%, JAIZBANK topped the list of worst performers, followed by IKEJAHOTEL (-9.90%), JOHNHOLT (-9.90%), ENAMELWA (-9.88%), CADBURY (-9.69%), and GUINEAINS (-8.63%).
Hence, the market breadth closed on a negative note, with 29 gainers and 38 losers. Sectoral performance was negative.
The Industrial goods sector declined by -1.19%, followed by the Banking sector (-0.63%), the Insurance sector (-0.32%), and the Consumer goods sector (-0.03%). Only the Oil & Gas sector increased by +0.12%. UBA Climbs to N2.1trn as Investors Bet on Earnings Outlook
