Investors Lose N599bn as NGX Tanks over Banking Stocks Selloffs
Equities investors lost about N600 billion of their combined portfolio value as the Nigerian Exchange (NGX) indices tanked due to significant sell pressure in banking stocks.
The local bourse closed trading activities for today on a negative note, with a 0.38% decline in key performance indicators on Tuesday.
The market retreat was triggered by sell pressure in mid-cap and blue-chip stocks, alongside investors’ portfolio rebalancing amid the release of half-year corporate earnings.
Notable losers included FIRSTHOLDCO, WEMABANK, GTCO, NESTLE, among others.
Trading data showed that the market index, the All-Share Index (ASI), fell by -927.70 basis points in today’s trading session, indicating a -0.38% decline to close at 244,802.83.
Also, the stock market capitalisation fell by ₦598.83 billion to close at ₦158.02 trillion.
Total volume of all trades increased by 69.25%, while the transaction value declined by 24.09%. In its note, Atlass Portfolio Limited told investors that approximately 1,562.23 million units valued at ₦28,732.86 million were transacted across 54,160 deals.
JAPAULGOLD drove volume, accounting for 57.94% of all the shares volume transacted in the market, followed by STERLINGNG (3.46%), FCMB (3.17%), CHAMS (2.87%), and NEIMETH with 2.72%.
MTNN drove volume, accounting for 11.34% of all transaction value executed in the local bourse, thereby making it the highest traded on the exchange.
AVACAP led the gainers chart, up by +9.94%, then trailed by NREIT (+9.71%), LIVESTOCK (+9.49%), NEIMETH (+8.43%), AIICO (+3.47%), OANDO (+3.30%), and seven others.
A total of thirty-nine stocks depreciated, according to stockbrokers’ report.
With a price depreciation of -10.00%, LIVINGTRUST and MULTIVERSE topped the worst performers’ chart, followed by MCNICHOLS (-9.92%), THOMASWY (-9.87%), ETERNA (-9.09%), CMFC (-8.57%), and INTBREW (-6.78%).
Hence, market breadth closed on a negative note, with 13 gainers and 39 losers. Sectoral performance was negative today as three of the five major market sectors declined.
The Banking sector led by -1.27%, followed by the Consumer goods sector (-1.25%), and the Insurance sector (-1.11%). The Oil & Gas sector increased by 0.05%, while the Industrial goods sector remained unchanged. FGN Offers 2 Savings Bonds for Subscription at N1,000 Per Unit
