NGX Declines by N62bn as Selloffs Hit Zenith, MTNN
The Nigerian Exchange (NGX) declined further on Tuesday after the market opened the week on a negative note. Equities investors lost more than N62 billion as a result of a bearish trend in the local bourse.
Consequently, equities market performance indicators dropped by – 0.11% despite the market breadth closing positive, data from the Nigerian Exchange showed.
The market witnessed sell-offs on medium and large-scale stocks such as MTNN, ZENITHBANK, and others. Atlass Portfolios Limited attributed this sustained downturn to investors’ switch to other asset classes in a highly inflated economy in its commentary note.
At the close of the trading session, the market index or All-Share Index decreased by 110.03 basis points today, representing a decline of -0.11% to close at 104,553.31.
However, market activities ended on a mixed note. The total volume traded for the day increased by +6.82%, while the total value reduced by -26.69%. Approximately 307.05 million units valued at ₦7,593.51 million were transacted in 9,548 deals.
FBNH was the most traded stock in terms of volume, accounting for 12.33% of the total volume of trades. The elephant was followed by UBA (12.02%), ACCESSCORP (9.16%), TRANSCORP (7.04%), and FIDELITYBK (6.46%) to complete the top 5 on the volume chart.
On account of size advantage, FBNH was also the most traded stock in value terms, with 20.73% of the total value of trades on the exchange.
INTENEGINS topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by INTBREW with (+9.89%) growth, JULI (+9.85%), NEM (+9.59%), FBNH (+9.06%), REGALINS (+8.11%), and twenty-one others.
Twenty-two stocks depreciated, according to information gathered from the Nigerian bourse. DAARCOMM was the top loser, with a price depreciation of – 9.86%. Also on the loser char are: SOVRENINS (-8.51%), FIDSON (-6.25%), JBERGER (-4.96%), FIDELITYBK (-4.29%), and MTNN (-3.03%).
Trading results showed that the market breadth closed positive, recording 27 gainers and 22 losers. In addition, the market sector performance was positive.
All the five major market sectors were up, led by the Banking sector, which grew by 1.07%, and was followed by a 0.59% uptick recorded in the Insurance sector. The Consumer goods sector rose by +0.16%, the Industrial sector popped up by +0.12% and the Oil & Gas sector by inched higher by 0.04%.
Overall, equities market capitalisation went south, losing ₦62.23 billion to close at ₦59.12 trillion. #NGX Declines by N62bn as Selloffs Hit Zenith, MTNN
