NGX Loses N114bn as Investors Exit Positions in GTCO, FBNH
The Nigerian Exchange (NGX) shed about N114 billion as equities investors exited positions in GTCO, FBN Holdings, and Oando Plc, among others, on the local bourse.
The huge selloffs dragged key performance indicators lower by 0.20% ahead of the second quarter of 2024 earnings season. Hence, the Exchange All-Share Index dropped by 201.16 basis points to close at 99,805.95. The equities market year-to-date return also moderated following a sustained bearish trend.
However, market activities ended on a mixed note. The total volume traded dropped by -38.74%, while the total value increased by +653.03%. Stockbrokers reported that approximately 422.69 million units valued at ₦53,956.42 million were transacted across 8,256 deals.
VERITASKAP was the most traded stock in terms of volume, accounting for 11.96% of the total volume of trades. The Assurance Company was followed by FIDELITYBK which controlled 11.10% of daily volume traded. Other volume drivers include AIICO (8.50%), GTCO (7.78%), and OANDO (6.26%).
In the market, GTCO emerged as the most traded stock in value terms, with 21.71% of the total value of trades on the exchange. However, CHAMPION topped the advancers’ chart with a price appreciation of 9.97 percent, trailed by CADBURY which popped up by +9.94%.
Other gainers are ETERNA (+9.87%), INTENEGINS (+9.86%), DAARCOMM (+9.62%), ABCTRANS (+9.38%), and twenty-one others. Twenty-four stocks depreciated in the local bourse.
AFRIPRUD was the top loser, with a price depreciation of -10.00%. Other losers decliners include UACN (-7.28%), IKEJAHOTEL (-5.41%), GTCO (-4.21%), SUNUASSUR (-2.31%), and STERLINGNG (-1.48%).
Despite a negative close, the market breadth closed positive, recording 27 gainers and 24 losers. In addition, the market sector performance was positive.
Three out of the five major market sectors ended the trading session in green/ The Oil & Gas sector grew by 0.39%, followed by the Consumer goods sector which popped up by 0.28% while the Industrial sector gained 0.04%. The Banking and Insurance sectors were down by -1.90% and -0.12% accordingly
Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦113.67 billion to close at ₦56.46 trillion. #NGX Loses N114bn as Investors Exit Positions in GTCO, FBNH How Emefiele Moved Funds to Wife – Witness
