NGX Dips N58 bln as Equity Investors Sell Stocks
The Nigerian Exchange (NGX) lost more than N58 billion on Tuesday as equity investors reduce holdings in mid and large cap stocks. The selling rallies have persisted for fifth consecutive trading sessions as the market performance indicators plunged further by 0.23 per cent.
Today’s decline follows the price depreciation in medium and large capitalized stocks, such as FLOURMILL, WAPCO, ACCESS and 25 others. Jaiz Bank, Conoil topped decliners’ chart, shedding 10% of its market valuation after a rather unimpressive earnings outing in the banking sector due to lower asset yield.
Consequently, the Nigerian Exchange All-Share Index shed 108.26 basis points representing 0.23 per cent depreciation, to close at 47,154.35. Overall, equity market capitalisation fell by ₦58.34 billion, representing a decline of 0.23 per cent to close at ₦25.41 trillion.
However, the market activities remain positive, as the total volume and total value traded rose by 158.64 per cent and 27.41 per cent, respectively. In a market report, Atlass Portfolios Limited said about 754.93 million units valued at ₦3.64 billion were transacted in 4,330 deals, citing data from the local bourse.
UNITY BANK led as the most traded stock in terms of volume, accounting for 69.58 per cent of the total volume of trades. The tier 3 bank was followed closely by GTCO (3.89%), UBA (2.38%), ZENITH BANK (1.89%) and JAPAULGOLD (1.75%) to complete the top five on the volume chart.
GTCO emerged as the most traded stock in value terms, with 21.06 per cent of the total value of trades on the exchange.
NIGERINS topped the advancers’ chart with price appreciation of 9.52 percent, trailed by NGXGROUP (6.97%), VITAFOAM (2.82%), ETI (1.38%), GTCO (0.77%), STERLNBANK (0.66%), UACN (0.55%), MTNN (0.25%) and eight (8) others.
Stockbrokers said eighteen (18) stocks depreciated, led by JAIZBANK and CONOIL with price depreciation of 10.00 per cent each to close at ₦0.72 and ₦23.85, respectively.
There was price down in HONYFLOUR (-7.46%), FLOURMILL (-4.38%), NB (-3.13%), UCAP (-2.86%), NESTLE (-2.79%), FBNH (-2.19%), WAPCO (-2.08%), ACCESS (-1.48%) and ZENITHBANK (-0.19%).
Today, the market breadth closed negative, recording 16 gainers and 28 losers. Sectoral performance was bearish as all major five sectors plummeted compared to the previous session.
Insurance lost 2.16%, Consumer Goods dipped 2.15%, Oil & Gas fell 0.77%, Industrial Goods dropped 0.12% and Banking was down 0.06% respectively. #NGX Dips N58 bln as Equity Investors Sell Stocks
