NGX Gives Up Gain as Investors Unload Shares

NGX Gives Up Gain as Investors Unload Shares

The equities segment of the Nigerian Exchange (NGX) reverses the previous day’s gain midweek to close the third trading session of the week in the red region amidst low turnover as investors unload more listed shares.

Due to the selloffs, stock market year-to-date return moderated as equities investors’ net worth decreased by N17 billion in the session. As such, stockbrokers saw market valuation decline as late profit-taking activities on some tickers, especially BUA CEMENT kicked market performance in the butt.

Today’s trading data shows that the Nigerian Exchange All-share index (NGXASI) dipped by 6 basis points to peg the All-Share-Index at 50,594.97bps as against its previous close of 50,626.04bps.

Hence, market capitalisation declined to close at N27.284 trillion, representing a 0.06% drop from the N27.301 trillion it stood at the end of the previous trading session. This outing dragged both the month-to-date and year-to-date performance of the All-Share Index at 0.45% and 18.44% from their previous close of 0.51% and 18.52% respectively, according to APT Securities and Funds Limited note. 

Bulls’ camp maintained dominance over the market breadth with 22 counters in the gainers’ chart pitted against 15 counters in the losers ’chart, brokers indicate.  On the chart, LASACO gained 10.00% to become the best performing stock in the session.

It is flanked by UPDC, HONYFLOUR, CHAMS, and JAPAULGOLD as they populated the top five gainers’ charts. From the rear of the chart, LEARNAFRCA, UPL, CORNERST, UNITYBNK, and FIDELITYBK populated the top five losers’ charts. Key sectoral indices closed in a mixed direction with the ASI, with the NGXGROWTH sector gaining 1.09%, the NGX INDUSTRY sector losing 0.45%, while the NGX ASEM sector closed flat.

Market activity as measured by the volume of trades waned in the session, with daily traded volume standing at 121.161 million units, representing a 6.20% downtick from a volume of 129.166 million units traded in the previous session.

The value of those traded stocks on the other hand inched up by 45.69% in the session to stand at N4.169 billion as against a value of N2.862 billion recorded in the previous trading session. READ: Stocks Tumble as Nigerian Exchange Reverses Uptrend

MTN Nigeria Plc dominated the volume charts as the top traded stock by volume for the trading session. This is followed by FBNH, ZENITHBANK, UBA, and ACCESSCORP to complete the list of the five most traded stocks by volume.

With regards to the value of traded stocks, MTNN took the lead among the top five performers. It is flanked by AIRTELAFRI, ZENITH BANK, NB, and lastly GTCO. # NGX Gives Up Gain as Investors Unload Shares.