NGX Declines as Investors Sold MTNN, BUA Cement
The Nigerian Exchange (NGX) slides further on Thursday as investors sold MTN Nigeria, BUA Cement and other companies’ shares. The selloffs pull back the stock market from making further trajectory after a halt was reported on Tuesday.
Buying interest has been weakened following the ongoing yield repricing in the fixed income market, Stockbrokers told MarketForces Africa, though liquidity stress in the financial system has continued to impact the space.
Data from the Nigerian bourse shows that year-to-date return has moderated further as the All-share index trends behind the psychological level. Though it has been breached but the market has also given up part of the gains seen in 2022.
Today, the Nigeria stock market tanked 0.29 per cent, driven by investors’ sell-off in the medium and highly capitalised stocks like OKOMUOIL, BUACEMENT, MTNN and 21 others. All-Share Index dipped by 144.79 basis points, representing a decline of 0.29 per cent to close at 49,546.38.
The market activities were mixed as the total volume traded rose by 14.13 per cent while the total value dipped by 35.75 per cent. Atlass Portfolios Stockbrokers said in a market note that approximately 146.99 million units valued at ₦2.65 billion were transacted in 3,180 deals.
FBNH was the highest stock traded today in terms of volume, accounting for 26.52 per cent of the total volume of trades. It was followed closely by UBA (8.86%), ACCESSCORP (6.94%), GTCO (4.43%), and STANBIC (4.20%) to complete the top five on the volume chart.
MTNN emerged as the most traded stock in value terms, with 21.08 per cent of the total value of trades on the exchange. FTNCOCOA topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by REDSTAREX (5.88%), NGXGROUP (1.25%), ZENITH BANK (1.15%), UBA (0.72%), OANDO (0.21%) and six (6) others.
Twenty-four stocks depreciated, topped by NEM with a price depreciation of 9.98 per cent to close at ₦3.97. OKOMUOIL shed 9.96%, FLOURMILL fell by 5.22%, JAPAULGOLD went down by 3.03% and ACCESSCORP lost 1.76%.
In the heavyweight class, BUACEMENT was priced down by 1.37% while MTNN dipped 0.50% and STANBIC share price dropped 0.36%. Stock market breadth closed largely negative, recording 12 gainers and 24 losers. READ: Nigerian Bourse Declines as Investors Dump Banking Stocks
However, the sector performance was negative as four of the five sectors depreciated, led by Insurance (-1.41%), trailed by Industrial Goods (-0.151%), Consumer Goods (-0.33%) and Oil & Gas (-0.10%), leaving the Banking the only sector with a growth of 0.18%.
Overall, equities market capitalisation lost ₦78.09 billion representing a decrease of 0.29 per cent to close at ₦26.72 trillion. #NGX Declines as Investors Sold MTNN, BUA Cement
