NGX Down by N158bn as Traders Offload MTN Nigeria Shares
The Nigerian Exchange (NGX) market capitalisation went down by more than N158 billion midweek as stock traders executed more sell orders in addition to profit-taking on MTN Nigeria. The equities market’s bearish trading activities reversed the previous day’s gain, dragging year-to-date return downward while the market index dropped by -0.43%.
Data from the local bourse showed that year-to-date return has now fallen below 30%, though still stronger than an annual inflation rate of 25.8%, according to the statistics office. Stockbrokers’ market performance was strongly affected by the 3.85% price downtick in MTNN. The selloff was further aided by losses in banking names—FIDELITYBK (-3.57%), WEMABANK (-10.00%), and STERLINGNG (-2.72%)—alongside 17 other counters.
Screening data from the local bourse, market returns now settled lower at 29.72%, as investors’ wealth declined by ₦158 billion. As a result of the bearish grip, the market index (All-Share Index) reduced by 288.69 basis points, representing a decrease of -0.43% to close at 66,482.28.
However, market activities were up, as the total volume and total value traded for today increased by +80.48% and +19.38% respectively.
In its market report, Atlass Portfolios Limited told investors that approximately 657.52 million units valued at ₦4,597.42 million were transacted in 6,646 deals.
UNIVINSURE was the most traded stock in terms of volume, accounting for 51.19% of the total volume of trades. The Insurer was followed by FIDELITYBK (4.82%), CHIPLC (3.82%), GTCO (3.75%), and WEMABANK (3.66%) to complete the top 5 on the volume chart.
Today, GTCO is the most traded stock in value terms, with 19.27% of the total value of trades on the exchange. OANDO topped the advancers’ chart with a price appreciation of 9.88 per cent.
The energy company was trailed by REDSTAREX (9.81%), TRIPPLEG (+9.68%), RTBRISCOE (+9.43%), UNIVINSURE (+9.09%), and twenty-four others.
In total, twenty-one (stocks depreciated, where IKEJAHOTEL and WEMABANK were the top losers, with a price depreciation of -10.00% each. ROYALEX (-8.00%), MTNN (-3.85%), NGXGROUP (-3.69%), FIDELITYBK (-3.57%), and FIDSON (-2.42%) also dipped in price.
Despite the contraction in the benchmark index, market breadth expanded to 1.33x as against 0.83x recorded yesterday, with 28 gainers outstripping 21 losers. Based on the trading record, the market sector performance closed at par. The Insurance and Consumer goods sectors were up by +0.28% and +0.18% respectively.
The Banking and Industrial sectors declined marginally by -0.02% and -0.01% accordingly.
The Oil & Gas sector closed unchanged. Overall, equities market capitalisation declined by ₦158.01 billion, representing a decline of -0.43%, to close at ₦36.39 trillion from ₦36.54 trillion yesterday. #NGX Down By N158bn as Traders Offload MTN Nigeria Shares
