NGX Loses N85bn as Investors Take Quick Profit
The Nigerian Exchange, NGX, lost about N85 billion on Thursday as equities investors continue to take quick profit from recently rallied stocks. The selloffs that started early in the morning during the trading session persisted, causing key performance indicators to dip by 0.15%.
The bearish session came in contrast to capital appreciation in the market yesterday. Consequently, the Nigerian Exchange All Share Index nosedived by 12 basis points, while the year-to-date return moderated.
Stockbrokers said in their market updates that major driver of bearish outing was profit-taking in the Banking and Consumer goods sectors.
According to data from the Nigerian Exchange, the equities market index, or All-Share Index, declined by 149.53 basis points to close at 99,134.85. However, market activities improved, details from transactions in the Lagos exchange revealed. Total volume and total value traded increased by +0.54% and +10.74%, respectively.
Lagos based investment firm Atlass Portfolios Limited said in its market update that approximately 309.81 million units valued at ₦5,385.04 million were transacted in 6,765 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 15.88% of the total volume of trades. Other volume drivers are ACCESSCORP (15.88%), OANDO (9.24%), GUINNESS (6.32%), and VERITASKAP (6.01%)
GUINNESS was the most traded stock in value terms, accounting for 18.13% of the total value of trades on the exchange. OANDO topped the advancers’ chart with a price appreciation of 9.77 percent.
The oil ticker was trailed by ETERNA, which gained +9.67%. Other gainers are: VERITASKAP (+9.52%), NEM (+8.75%), WAPIC (+6.25%), PRESTIGE (+5.77%), and eleven others.
Eighteen stocks depreciated, according to stockbrokers. MAYBAKER was the top loser, with a price depreciation of – 10.00%. Other decliners are FIDELITYBK (-9.72%), STANBIC (-8.77%), TRANSCORP (-3.29%), UNITYBNK (-2.34%), and WEMABANK (-1.44%).
Based on the bearish trade pattern, the market breadth closed slightly negative, recording 17 gainers and 18 losers. However, market sector performance closed on par.
Stockbrokers said two of the five major market sectors inched higher. The insurance sector grew by 1.66%, followed by a 0.28% gain recorded in Oil & Gas sector. The banking and consumer goods sectors dropped by -1.30% and -0.09%, respectively.
The industrial sector closed unchanged. Overall, equities market surged by ₦84.59 billion to close at ₦56.08 trillion. # NGX Loses N85bn as Investors Take Quick Profit Naira Steadies as Banks Issue Update on FX Purchase
