NGX Backtracks as Selloffs Hit Banking Stocks

NGX Backtracks as Selloffs Hit Banking Stocks

The Nigerian Exchange (NGX) equities market capitalisation backpedalled on Wednesday due to selloffs on banking after positive movement seen on Tuesday. The bears retook position as investors’ sentiment waned amidst uncertainties in the Nigerian economy. GTCO lost 1.25% of its market valuation.

UBA tumbled by 5.78%, FIDELITYBK slid by 0.60% and ZENITHBANK bumped by 0.60%. Due to negative price movement, market performance indicators nosedived by -0.02%. Stockbrokers at Atlass Portfolios Limited said profit-taking activities were witnessed across the major market sectors, although the market breadth closed positive.

Consequently, year-to-date return moderated slightly to 31.13%, as investors’ wealth dropped by more than ₦6 billion during the session. Data from the local bourse showed that the market index or the All-Share Index dipped by 11.61 basis points, representing a marginal decline of -0.02% to close at 67,206.16.

However, market activities were mixed, according to stockbrokers reports. Total volume traded inched higher by 3.05%, according to data from the domestic bourse. On the other hand, the total value traded dropped by -30.33%. Stockbrokers reported that approximately 329.66 million units valued at ₦4,410.53 million were transacted in 5,998 deals.

FIDELITYBK was the most traded stock in terms of volume, accounting for 15.27% of the total volume of trades. The Tier-2 bank was followed by ACCESSCORP (13.10%), CHAMS (8.09%), UBA (7.84%), and GTCO (6.26%) to complete the top 5 on the volume chart.

GTCO was the most traded stock in value terms, with 16.64% of the total value of trades on the exchange. MULTIVERSE topped the advancers’ chart for today with a price appreciation of 9.74 per cent.

The company was trailed by CHAMS (9.71%), CAVERTON (+9.35%), FTNCOCOA (+8.97%), GEREGU (+7.71%), and eighteen others.  Eighteen stocks depreciated, according to data from the Nigerian Exchange.

ETRANSACT and SUNUASSUR were the top losers, with a price depreciation of -10.00% each. ETERNA lost 7.09%, UBA declined by 5.78%, OANDO fell by 4.44%, WAPCO slumped by 1.72%, and GTCO nosedived by 1.25%. Based on the record, the market breadth closed positive, recording 23 gainers and 18 losers.

In addition, the market sector performance was negative.

All five major market sectors were down, led by the Banking sector, which declined by (-1.09%), followed by the Insurance sector which lost 0.62. The Oil & Gas sector dropped by 0.24%, the Consumer goods sector fell by 0.16, and the Industrial sector shed 0.10%.

Overall, equities market capitalisation lost ₦6.38 billion, representing a drop of -0.02%, to close at ₦36.92 trillion from ₦36.93 trillion yesterday. #NGX Backtracks as Selloffs Hit Banking Stocks IPPIS: FG to Delist Unverified Workers on Oct. 27