NGX Loses N622bn to Selloffs in DANGCEM, MTNN, FBNH

NGX Loses N622bn to Selloffs in DANGCEM, MTNN, FBNH

The Nigerian Exchange (NGX) loosened up midweek as selling rallies on Dangote Cement, MTN Nigeria, and FBN Holdings among others plunged the local bourse downward.

The decline was triggered by profit-taking in major market movers, causing a large drop of about N622 billion yesterday in the local bourse. As the bearish sentiment persisted, key indicators slumped while year-to-date returns moderated again.

The Nigerian Exchange All share index went south, down by 175 basis points before it settled at 64,167.39 points at the session’s closure, compared to Tuesday’s closing level of 65,309.65 points.

The sloppy market putting was driven by investors’ profit-taking in quoted bellwether stocks. Nigerian stockbrokers said major drivers of the daily loss were; DANGCEM (-9.09%), NASCON (-10%), MTN (-1.43%), ETERNA (-4.14%), GLAXOSMITH (-7.94%), and FBNH (-1.12%).

In the loser category were 21 other stocks. Market data showed that the local exchange year-to-date return moderated to 25.20. 

The trading report showed that Market activity was negative as volume and value traded decreased by 25.10% and 41.48% to settle at 238.04 million units and N2.62 billion, respectively.

Investor sentiment decreased to 0.89x from 1.21x, as 24 stocks appreciated, 27 companies stocks depreciated and 67 stocks closed flat.

Overall, market capitalisation decreased by N621.60 billion to N34.92 trillion, marking a 1.75% daily decline. #NGX Loses N622bn to Selloffs in DANGCEM, MTNN, FBNH Naira Steadies as Banks Issue Update on FX Purchase