NGX Dips by N8bn as Investors Trim Equities Assets
The Nigerian Exchange (NGX) opened negative on Monday due to selloffs on some lightweight stocks in the equities segment. The bearish pose that started with investors exiting positions slowed down following demand for Conoil shares, Ikeja Hotel, Caverton and Neimeth, among others.
Consequently, key performance indicators of the local bourse declined by 0.01%. With 22 gainers, Atlass Portfolios’ stockbrokers said investors took positions in stocks with good fundamentals ahead of their first-half earnings and interim dividend declarations.
The NGX All-Share Index decreased by 14.92 basis points today, representing a minimal decrease of -0.01% to close at 100,007.11 due to selloffs.
However, market activities inched higher today. Total volume and total value traded for the day increasing by +67.20% and +18.98% respectively. Stockbrokers said approximately 689.98 million units valued at ₦7,165.20 million were transacted across 9,635 deals.
ELLAHLAKES was the most traded stock in terms of volume, accounting for 39.60% of the total volume of trades. Other volume drivers are UNIVINSURE (6.13%), GTCO (5.96%), UBA (5.25%), and AIICO (4.20%).
GTCO emerged as the most traded stock in value terms, with 27.11% of the total value of trades on the exchange, according to equities market report reviewed by MarketForces Africa.
VERITASKAP topped the advancers’ chart with a price appreciation of 9.57 percent, trailed by DAARCOMM which surged by 8.33%. Other gainers include CONOIL (+8.26%), NEIMETH (+7.45%), IKEJAHOTEL (+7.25%), CAVERTON (+6.67%), and sixteen others.
On the other hand, twenty-three stocks depreciated. PZ was the top loser, with a price depreciation of -10.00%. Other decliners include CHAMS (-9.66%), CONHALLPLC (-9.27%), TRANSCORP (-5.45%), LINKASSURE (-4.76%), and UNILEVER (-2.58%).
Hence, the market breadth closed marginally negative, recording 22 gainers and 23 losers. Given the trading direction, sectoral performance ended on a positive note.
Three out of the five major market sectors closed positive. The Oil & Gas sector grew by +1.45%, followed by the Banking sector that gained +0.27% while the Insurance sector popped up by +0.18%.
The Consumer goods sector was down by -0.25% while the Industrial sector closed flat. Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦8.44 billion to close at ₦56.57 trillion. Irregular Power Supply: Ex-MAN Chairman Urges NERC to Penalise Discos
