Market Index Dips as Nigerian Exchange Opens Negative
The equities market opened the week on a negative note as investors continued to dump stocks amidst the 2024 earnings festival in the local bourse. However, key performance indicators showed mixed outcomes.
The Nigerian Exchange (NGX) All Share index fell 0.34% to settle at 107,455.13 points on the back of sell pressures in INTBREW (-5.66%), UCAP (-9.91%), ACCESSCORP (-2.54%), and FBNH (-3.24%).
However, market capitalization increased to N67.29 trillion following the listing of additional 18.20 billion shares of FIDELITYBK at N17.20. The market index downturn was primarily driven by sell-offs in key stocks across major market sectors.
Today, trading activities were down as the total volume and total value traded in the market dropped by 32.77% and 48.63% respectively. In its note, Atlass Portfolios Limited told investors that approximately 308.09 million units valued at ₦7,231.91 million were transacted across 15,474 deals.
In terms of volume, ZENITHBANK led the activity chart, accounting for 10.52% of the total volume traded in the local bourse, followed by FIDELITYBK (6.41%), ACCESSCORP (5.49%), NGXGROUP (5.14%), and ELLAHLAKES (4.88%), rounding out the top five.
ZENITHBANK also emerged as the most traded stock in value terms, accounting for 21.54% of the total value of all transactions conducted on the exchange. LEARNAFRCA and NGXGROUP topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by CHAMPION (+9.90%), ABCTRANS (+9.86%), TANTALIZER (+9.47%), GUINEAINS (+9.38%), TIP (+8.29%) and thirteen others.
Thirty-three stocks depreciated, according to data obtained from the domestic bourse. IKEJAHOTEL was the top loser, with a price depreciation of -9.92%. Other decliners include UCAP (-9.91%), CUTIX (-9.84%), AFRIPRUD (-9.46%), NASCON (-9.29%), and HONYFLOUR (-5.11%).
Based on the trading direction, the market breadth closed negative, recording 20 gainers and 33 losers. Also,, the market sectoral performance was negative, as four of the five major market sectors were down.
The Banking (-1.20%), Consumer Goods (-1.03%), Insurance (-0.57%), and Industrial Goods (-0.02%) indices all closed in red from sell pressures observed in ACCCESSCORP (-2.54%), INTBREW (-5.66%), CONHALLPLC (-5.13%), and CUTIX (-9.84%), respectively.
Elsewhere, the Oil & Gas (+0.42%) and Commodity (+0.07%) indices closed positive on account of price uptick in OANDO (+2.84%) and ARADEL (+0.40%).
Overall, equities market capitalisation of the Nigerian Exchange increased by ₦94.61 billion, representing a growth due to the additional listing, to settle at ₦67.29 trillion. #Market Index Dips as Nigerian Exchange Opens Negative FBN Holdings Records Huge Off-Market Shares Transactions
