Investors Lose N72bn as NGX Halts 8-Day Gaining Streaks
Equities investors trading highs and lows on the Nigerian Exchange (NGX) platform lost N72 billion as sell pressures halted 8-day gaining streaks, stockbrokers said in their separate reports today.
The market ended negative due to profit-taking activities on Aradel Holdings, halting an eight-day rally. Hence, NGX key performance indicators declined by -0.12% while year-to-date returns moderated. The equities market downturn was primarily driven by profit-taking in ARADEL and some other recently appreciated medium-cap stocks.
According to data obtained from the Nigerian Exchange, the All-Share Index decreased by 118.93 basis points to close at 101,129.03. Despite this daily setback, the market recorded positive performance on a week-on-week basis, advancing by 1.76%.
In a market update, Atlass Portfolios Investors Limited said investors’ wealth rose by N1.06 trillion over the week. On Friday, equities market activities ended on a mixed note as the total volume traded grew by 25.33%, while the total value was down by 37.32%.
Stock market analysts at Atlass Portfolios Limited told investors in a note that approximately 515.56 million units valued at N16,488.29 million were transacted across 11,554 deals. In terms of volume, ZENITHBANK led the activity chart in the local bourse, accounting for 11.92% of the total volume of traded.
Other volume drivers include UBA (8.57%), STERLINGNG (8.55%), UNIVINSURE (5.59%), and GTCO (4.64%), rounding out the top five. ZENITHBANK emerged as the most traded stock in value terms, accounting for 17.21% of the total value of trades on the exchange.
HONYFLOUR, UACN, and UNIVINSURE topped the advancers’ chart for today with a price appreciation of 10.00 percent each. Other gainers include LEARNAFRCA (+9.92%), NAHCO (+9.89%), AFRIPRUD (+9.81%), UNILEVER (+8.89%), ETERNA (+8.07%), and thirty-one others.
Trading results revealed that fourteen (14) stocks depreciated in the local exchange on the back of huge profit takings. MULTIVERSE was the top loser, with a price depreciation of -9.80%. Other decliners include ARADEL (-9.09%), INTENEGINS (-8.13%), NB (-3.33%), CHAMS (-3.02%), and WAPCO (-2.84%).
Based on the trading direction, the market breadth closed positive, recording 39 gainers and 14 losers. In addition, the market sector performance was positive, as four of the five major market sectors were up.
The banking sector grew by 1.66%, followed by the insurance sector, which rose by 1.05%. The consumer goods sector climbed by 1.03%, and the oil and gas sector gained 0.31%. On the other hand, the industrial sector dropped by 0.31%.
Overall, the equities market capitalisation of the Nigerian Exchange declined by N72.09 billion to close at N61.30 trillion. #Investors Lose N72bn as NGX Halts 8-Day Gaining Streaks FG Commissions Two 63MVA, 132/33KV Mobile Substations
