NGX Dips as Bargain Hunting in Banking Stock Intensifies
The Nigerian Exchange (NGX) dips as bargain hunting in banking stocks intensifies on Wednesday. Today, stocks shed 0.01 per cent of opening value as investors take profit in a move to rebalance their respective portfolios while positioning for interim dividends.
Following an initial rally recorded on Tuesday, bearish sentiments returned to the local bourse in a swift, causing a decline in market performance indicators due to selling rallies.
The Nigerian Exchange all-share index and market capitalisation dipped marginally by 0.01 per cent as a year to date losses widened. Due to profit-taking, the stock market capitalisation settled at N20.603 trillion on Wednesday, from N20.606 trillion on Wednesday, Bond capitalisation printed at N18.024 trillion and exchange trade fund N12.597 billion.
Today’s slowdown was driven by price depreciation in banking tickers as bargain hunting intensifies, says Atlass Portfolios Limited. Similarly, market breadth turned marginally negative with 15 gainers versus 16 losers.
Meanwhile, market activities closed with the volume of stocks traded on the exchange appreciating by 19.30 per cent while the value of stocks traded on the exchange declined 13.29 per cent.
A total of 132.07 million units of shares valued at N2.67 billion were traded in 3,307 deals.
TRANSCORP led the volume chart, accounting for 10.71 per cent of the total volume of trades, followed by CHMAS (10.65%), ZENITH BANK (6.45%), GTCO (4.71%), and OANDO (4.08%) to complete the top five on the volume chart.
NESTLE topped the value chart accounting for 44.29 per cent of the total value of trade on the exchange.
PHARMDEKO, BOCGAS and HONEYFLOUR topped the gainers’ chart, with their share prices inching upward by 10.00 per cent, 9.78 per cent, and 9.72 per cent, respectively. SCOA led the losers’ table with its share price declining by 9.66 per cent to close at N1.59 after opening the day at N1.76.
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NGX Dips as Bargain Hunting in Banking Stock Intensifies
