NGX Index Sinks, Investors Lose N407bn as Tier-1 Banks Dip
Equity investors on the Nigerian Exchange (NGX) lost about N407 billion, with GTCO, UBA, and Access Holdings among the decliners that contributed significantly to the downturn.
The local bourse opened for the week on a bearish note, as key market performance indicators declined by 25 basis points (0.25%).
The downtick, led by the Banking sector, was triggered by fresh sell-offs in mid-cap and blue-chip stocks across key sectors, erasing the gains recorded in the previous session.
Stockbrokers said decliners included UBA (0.81%), ZICHIS (6.16%), ACCESSCORP (4.24%), DANGSUGAR (0.71%), GTCO (0.38%), among others.
The market index, or All-Share Index, fell by -1,219.28 basis points to close at 247,144.27. Also, the NGX market capitalisation edged lower by ₦407 billion, closing at ₦160.47 trillion.
The total volume of trades increased by 14.34%, while the total value of all shares traded declined by 21.33%. Stockbrokers reported that approximately 368.23 million units, valued at ₦16,126.39 million, were transacted in 49,653 deals.
ACCESSCORP topped the volume chart, accounting for 8.32% of all shares traded on the Exchange, followed by ZENITHBANK (7.00%), JAIZBANK (6.90%), REGALINS (6.79%), and FCMB (6.56%).
ZENITHBANK topped value drivers in the market, accounting for 18.43% of the total transaction value executed, making it the most traded on the exchange.
NEIMETH led the gainers chart, up 10.00%, followed by GUINNESS (+9.93%), LIVESTOCK (+9.89%), MULTITREX (+9.52%), NPFMCRFBK (+9.52%), VFDGROUP (+8.13%), and 19 others.
A total of thirty stocks depreciated. With a price depreciation of 9.85%, SUNUASSUR topped the worst-performers chart, followed by CMFC (-9.78%), OANDO (-7.55%), LIVINGTRUST (-6.25%), ZICHIS (-6.16%), and UPL (-6.00%).
Hence, the market breadth closed on a negative note, with 25 gainers and 30 losers. Sectoral performance was positive today, with three of the five major market sectors rising.
The Insurance sector increased by 0.14%, followed by the Consumer goods sector (0.05%) and the Industrial goods sector (0.003%). The Banking and Oil & Gas sectors declined by 1.81% and 0.21%, respectively.
