NGX Falls by N38bn Over Selloffs in Dangote, NB
The Nigerian Exchange (NGX) declined in value after equities investors dumped large buckets of Dangote Cement shares, took a profit in Nigeria Breweries, and sold off Stanbic IBTC Plc.
The local bourse All-share index (ASI) then moderated by 0.12% to close at 55,956.59 points amid sustained bearish activity, especially on bellwethers and other small-cap companies’ shares.
Hence, the year-to-date gain softened to 9.18% despite the exchange recording 41 gainers against 13 losers at the close of the trading session.
Though profit-taking activities permeate the environment, the total volume traded increased by 33.7% to 531.78 million units, valued at N7.68 billion, and exchanged in 6,061 deals.
Notably, large-cap stocks such as NB and DANGCEM experienced a decline in share prices as investors booked profits. Hence, their respective prices moderated by 1.80% and 1.38%, respectively.
Regarding volume, UBA emerged as the most actively traded stock, with 177.48 million shares worth N1.72 billion changing hands in 506 deals. Market performance was however bullish, three indices recorded gains, and two lost.
Market data showed that the Insurance index advanced by 4.0% followed by Oil & Gas which gained 1.0%. Also, the Banking index surged by 1.0%. Meanwhile, the Industrial Goods sector declined by 0.7% and Consumer Goods fell by 0.1%.
Stockbrokers told MarketForces Africa that gains in the insurance segment were driven by MANSARD; popping up by 8.3%. Cornerstone Insurance inched higher by 9.9%. Ticker: MRS Oil share supported the oil and gas index and gained 10% while ETERNA also rallied by 9.8%.
As measured by market breadth, market sentiment was largely positive (3.2x), as 41 tickers gained relative to 13 losers. There was buying interest in UBA shares that resulted in a 4.2% gain and Sterling Bank advanced by 6.6%. E Transact rallied, gaining 10% while MTN Nigeria also saw a moderate increase.
NSLTECH (10.0%) and UNITYBNK (+10.0%) recorded the highest gains of the day. Leading the loser list, JOHNHOLT lost 9.7% and CALVERTON shed 7.1% of its opening value.
Overall, equities market capitalisation declined by N37.6 billion to N30.5 trillion ahead of week’s close. #NGX Falls by N38bn Over Selloffs in Dangote, NB Naira Steadies as Banks Issue Update on FX Purchase
