NGX Dips after 18-Day Gaining Streaks

NGX Dips after 18-Day Gaining Streaks

The Nigerian Exchange (NGX) dips on Tuesday after eighteen consecutive sessions of an uptrend, shedding more than N52 billion. Trading data shows that equity market dipped by 0.19 percent due to profit-taking in some bellwether stocks such as MTNN, NB and 11 others including banking stocks.

As a result, the Nigerian All-Share Index shed 97.07 basis points representing a 0.19 per cent decline, to close at 51,805.41, stockbrokers at Atlass Portfolios Limited said in a market report.

Consequent to profit booking on previous companies’ stocks that have seen their share prices rerated, equity market capitalisation slowdown by ₦52.36 billion to close at ₦27.93 trillion. Similarly, the market activities was bearish, as the total volume and value trade plunged by 1.79 per cent and 9.34 per cent, respectively.

Citing data from the Nigerian Exchange, Atlass Portfolios Limited stated that about 331.52 million units valued at ₦5.34 billion were transacted in 6,689 deals. READ: Naira on Gaining Streaks in Parallel Market as Banks Raise Supply

GTCO emerged as the most traded stock in terms of volume, accounting for 15.68 per cent of the total volume of trades. The Tier-1 bank was followed closely by TRANSCORP (12.48%), FBNH (4.25%), OANDO (4.10%), and REGALINS (3.16%) to complete the top five on the volume chart.

Also, GTCO appeared as the most traded stock in value terms, according to stockbrokers with 24.39 per cent of the total value of trades on the exchange. OKOMUOIL, MAYBAKER & MULTIVERSE topped the advancers’ list with a price appreciation of 10.00 per cent each.

The companies were trailed closely by INTBREW (9.46%), UNILEVER (9.29%), OANDO (7.14%), BUAFOODS (5.88%), UACN (4.31%), UCAP (2.63%), DANGSUGAR (1.85%), WAPCO (0.88%), VITAFOAM (0.62%), FLOURMILL (0.29%) and twenty-two (22) others.

Thirteen (13) stocks depreciated, topped by NAHCO with a price depreciation of 4.12 per cent to close at ₦6.51. WEMABANK (-3.73%), MTNN (-3.61%), NB (-2.53%), AFRIPRUD (-0.83%), UBA (-0.62%), FIDELITYBK (-0.27%) and ZENITH BANK (-0.21%) also dipped in price.  Overall, the market breadth was largely positive, recording 35 gainers and 13 losers.

Atlass Portfolios Stockbrokers said the sectoral performance was positive, as four of the five sectors closed bullishly compared to the previous session, led by the Insurance (2.14%), Oil & Gas (0.97%), Consumer Goods (0.78%) and Industrial Goods (0.06%).

Today, the Banking sector shed 0.06% of the index opening value. NGX Dips after 18-Day Gaining Streaks