NGX Index, Market Cap Slump as Equities Investors Lose N801bn
Equities investors trading highs and lows in the Nigerian Exchange (NGX) lost about N801 billion as buying momentum eased on Wednesday.
The stock market retreated as investors locked in gains from recent price appreciation, with key performance indicators declining by 0.50%, supported by selloffs in 28 companies.
The market index or the All-Share Index, fell by -1,241.19 basis points to close at 245.418.37, while Market Capitalisation declined by ₦800.70 billion to close at ₦158.32 trillion.
However, market activities were up today as the total volume of all trades and their total value traded increased by +34.34% and +139.80%, respectively.
In a note, Atlass Portfolio Limited told investors that approximately 1,252.61 million units valued at ₦118,179.21 million were transacted across 47,458 deals.
FIRSTHOLDCO drove volume, accounting for 58.89% of all companies’ units traded, followed by ACCESSCORP (6.37%), GTCO (2.72%), MBENEFIT (1.95%), and ZENITHBANK (1.72%).
Reflecting its size, FIRSTHOLDCO topped the value chart, accounting for 68.41% of the total value of all trades executed in the market, thereby making it the highest traded on the exchange.
CADBURY and two others topped the gainers chart, up by +10.00% each, trailed by THOMASWY (+9.95%), NASCON (+8.89%), UPL (+8.16%), PZ (+6.19%), MANSARD (+5.42%), and twenty-eight others.
A total of twenty-eight stocks depreciated, according to data obtained from the Nigerian Exchange. With a price depreciation of -10.00% each, BUAFOODS and NESTLE topped the worst performers’ chart, followed by MECURE (-9.94%), INTENEGINS (-9.84%), UACN (-7.75%), NEIMETH (-5.95%), and FTNCOCOA (-5.94%).
Hence, the market breadth closed on a positive note, as there were 36 gainers and 28 losers. Sectoral performance was positive today as three of the five major market sectors increased.
The Insurance sector led with +1.64%, followed by the Banking sector (+1.51%), and the Industrial Goods sector (+0.81%). The Consumer Goods sector and the Oil & Gas sector declined by -5.04% and -0.003%, respectively. Can Africa Finance Its Own Development?
