NGX Dips as Investors Go Short on Insurance Stocks
Amidst moderate selloffs, the Nigerian Exchange (NGX) pullback marginally from sustaining uptrend on Thursday after gaining streaks in the previous trading sessions. Equity investors go short on insurance stock, causing a moderate fall in the market value of stocks.
Due to the selloffs, the equity market capitalisation dips by N2.20 billion as market indicators slowdown in two positive, two negative trading sessions thus far this week.
The decline follows the investors’ profit-taking in the Insurance sector of the market, Atlass Portfolios Limited said in a market report. As a result, the Nigeria Exchange pull back by 4.08 basis points, representing a downturn of 0.01 per cent to close at 44,604.74 points.
The equity segment of the Nigerian Exchange capitalisation slipped by ₦2.20 billion to close at ₦24.032 trillion today, according to stock market data and year to date returns fell.
However, the market activities were mixed as the total volume traded rose by 20.81 per cent, while the total value traded further dropped by 4.37 per cent. A total sum of 321.75 million units valued at ₦3.66 billion was transacted in 4,565 deals, according to Nigerian Exchange.
Today, TRANSCORP sustained the led as the most traded stock in terms of volume, accounting for 32.50 per cent of the total volume of trades. The company stock was followed closely by JAIZBANK (20.73%), MEBENFIT (4.27%), FBNH (3.91%), and GTCO (3.39%) to complete the top five on the volume chart.
On the other hand, SEPLAT emerged as the most traded stock in value terms, with 25.19 per cent of the total value of trades on the exchange. Also, TRANSCORP topped the gainers’ chart with price appreciation of 9.71 per cent, trailed by JAIZBANK (6.06%), FIDXON (3.64%), AIICO (2.56%), and CUTIX (1.15%).
Other stocks that advanced include MAYBAKER (0.94%), STERLNBANK (0.66%), NGXGROUP (0.50%), ZENITH BANK (0.20%) and five (5) others. Market data shows that fifteen (15) stocks dipped today, led by NEM with a price depreciation of 10.00 per cent to close at ₦0.36.
CUSTODIAN sheds 9.49% of its open share price, UACN drops off 5.21%, JAPAULGOLD declines 4.44%, HONYFLOUR loses 2.35%, UBN falls 1.77%, UCAP skids 0.91%, LASACO down by 0.88%, and STANBIC tumbles by 0.80%.
Consequently, the market breadth closed marginally negative, recording 14 gainers and 15 losers. Despite the bearish trade record, the market sector performance was positive.
NGX sees three of the market indices increase compared to the last session, topped by Consumer Goods (0.16%), Banking (0.07%) and Industrial Goods (0.002%). However, the Insurance sector dipped by 0.09% as the Oil & Gas sectors remain unchanged. #NGX Dips as Investors Go Short on Insurance Stocks
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