Investors Lose N72bn as NGX Gives Up Gains
As the local bourse continues to decline, equities investors lose more than N72 billion as the Nigerian Exchange (NGX) sustained negative trading for the fourth day straight in the week.
The selling rallies occurred as equities investors sold off Nigerian Breweries (NB), FBN Holdings (FBNH), Zenith Bank, Airtel Africa shares and other mid-cap stocks amidst yield repricing in the fixed income market.
Today, the Nigerian Exchange All-Share Index dipped by 0.3 per cent to 52,815.78 points while year to date returns moderated to 23.7 per cent as dark clouds gather in the domestic bourse, from a 5-month peak of 26.6%.
Consequent to the profit-taking that started early in the week, equities market capitalisation continue to drop, losing ₦72.25 billion on Thursday to close at ₦28.49 trillion. READ: NGX Rises N72 bln after 5-Days Selloffs
The total volume traded decreased by 7.1 per cent to 274.43 million units, valued at N4.03 billion, and exchanged in 5,011 deals. Accounting for 23.70 per cent of total trade, FBNH was the most traded stock by volume and value at 74.66 million units and N836.14 billion, respectively.
NGX Consumer Goods index declined by 1.3 per cent today, followed closely by the Banking index which dropped off 1.0 per cent. Also, the Insurance sector fell by 0.6 per cent and Oil & Gas lost 0.1 per cent. Meanwhile, the Industrial Goods index closed flat.
As measured by market breadth, market sentiment was negative (0.4x) as 25 tickers lost relative to 11 gainers. ROYALEX (-10.0%) and GSPECPLC (-9.8%) recorded the most significant losses of the day, while ELLAHLAKES (+9.6%) and PZ (+9.6%) topped the gainers’ list.
Overall, data from the local bourse shows that trading activities were mixed, as the total volume traded dipped by 7.08 per cent, while the total value grew by 12.20 per cent. #Investors Lose N72bn as NGX Gives Up Gains
