NGX Benchmark Index Slips by 0.08% as Big Banks See Selloffs
The Nigerian Exchange (NGX) benchmark All-share index (ASI) declined by 8 basis points on Tuesday in post inflation reaction driven by price depreciation posted by some banks.
Price depreciation in Zenith Bank, UBA, Fidelity Bank among others, dragging the banking index down by 30 basis points on the day. The Nigerian domestic market reversed the previous day’s gain to close today’s trading session in the red due to profit-taking activities in selected medium and blue-chip stocks.
The market index shed 0.08%, settling at 141,546.80 index points, this left the total value of all listed on NGX at ₦89.56 trillion. The market year to date return moderated to 37.54%, highlighting sustained investor optimism and the market’s resilience amid prevailing economic headwinds.
This market pullback reflects the effect of strategic profit-taking by investors, particularly as market participants continue to weigh the implications of recently released macroeconomic reports.
Trading activities pointed to a more cautious market sentiment. Trading activities were down today as the total volume and total value of all trade reduced by -23.91% and +45.74% respectively.
Stockbrokers reported that approximately 414.98 million units valued at ₦12,944.94 million were transacted across 25,386 deals.
In terms of volume, GTCO led the activity chart, accounting for 7.96% of the total volume of trades, followed by NSLTECH (7.86%), UBA (6.35%), CHAMS (5.31%), and REGALINS (4.60%), rounding out the top five.
Also, GTCO emerged as the most traded stock in terms of value, with 24.18% of the total value of trade on the exchange.
CUSTODIAN topped the advancers’ chart for today with a price appreciation of 9.94 percent, trailed by MULTIVERSE (+9.68%), ETRANSACT (+9.45%), UNIONDICON (+8.42%), GUINNESS (+6.92%), HONYFLOUR (+5.50%) and fifteen others.
Twenty-seven stocks depreciated, according to trading data from the Nigerian Exchange. AUSTINLAZ was the top loser, with a price depreciation of -6.27%, as FTNCOCOA (-4.84%), INTBREW (-4.17%), UBA (-2.28%), TANTALIZER (-1.57%), and DANGSUGAR (-0.58%) also dipped in price.
Sell pressure on sell pressures INTBREW (-4.17%), UBA (-2.28%), FIDELITYBK (-2.14%), ZENITHBANK (-0.29%) had negative impacts on equity market capitalisation due to their sizes. The market breadth closed negatively, recording 22 gainers and 27 losers. In addition, the market sectoral performance was negative.
In today’s rendition, sectoral performance was largely bearish. The Insurance (-0.58%), Consumer Goods (-0.39%), and Banking (-0.30%) indexes closed lower following selloffs in AIICO (-2.20%), INTBREW (-4.17%), and UBA (-2.28%), respectively.
However, the Oil & Gas index was the sole gainer, advancing by 0.14% following buying interest in OANDO (+1.58%), while the Industrial Goods and Commodity indexes remained unchanged.
