Investors Lost N20 Billion as Selling Rallies Keep NGX in Red
Investors lost N20 billion on Monday as selling rallies keep the Nigerian stock market in red after a positive close last week. Trading activities, the pattern shows that the weak buying sentiment drove price depreciation in mid to large-cap stocks.
Due to large selloffs seen as equity investors move to rebalance portfolios, the Nigerian Exchange (NGX) plunged 0.10 per cent while both month and year to date losses widened further.
According to NGX data, month to date losses increased to 0.8% while year to date losses jumped to 3.4%.
The All-Share Index dipped 37.45 basis points, representing a 0.10 per cent decrease from the opening value to close at 38,906.42 points. Stock market capitalization tumbled by ₦19.51 billion to close at ₦20.27 trillion.
However, data shows that the market activities traded bullishly, as both the total volume and value traded rose by 22.89 per cent and 20.92 per cent, respectively. A total of 190.60 million units of shares valued at ₦2.35 billion were traded in 3,462 deals.
EKOCORP led the traded stocks in terms of volume, accounting for 20.96 per cent of the total volume of trades, followed by UBA (5.66%), TRANSCORP (5.11%), SOVRENINS (5.05%), and FIDELITYBK (4.85%) to complete the top five on the volume chart.
MTNN emerged as the most traded stock in value terms, with 31.99 per cent of the total value of trades on the exchange.
CHIPLC led the advancers table with price appreciation of 9.62 per cent, trailed closely by CHAMS (9.52%), AFRIPRUD (3.23%), WAPCO (2.33%), VITAFOAM (1.74%), UCAP (1.12%), UACN (0.50%), OANDO (0.43%) and 11 others.
In contrast, SCOA topped the decliners chart as its share price declined by 9.43 per cent to close at ₦0.96, as PZ (-5.98%), CUTIX (-3.09%), GTCO (-2.50%), HONYFLOUR (-2.50%) and ZENITH BANK (-1.26%) amongst others also declined in price.
At the end of the trading session, the market breadth closed at par, recording 19 gainers and 19 losers.
