NGX Lost N114bn as Investors Unload Stocks
The Nigerian bourse dipped by N114 billion in the just concluded week after the stock market lost more than N231 billion in the previous week as investors trade exits. Buying sentiment has dropped drastically in the first quarter of 2022 amidst macroeconomic pressures driven by high inflation and weak local currency.
Again, massive selloffs in the local market dragged the Nigerian Exchange All-share Index (NGX-ASI) downward 0.5 per cent to close at 46,631.46 points. Thus, year to date return moderated to 9.2% from 9.7% in the prior week.
Overall, the Nigerian equity market capitalisation printed at N25.14 trillion, below the previous position as MTNN was marked down for dividend payment. On Friday, the equity market upturned Thursday’s negative sentiment following the bargain-hunting in ARDOVA and 27 other stocks. Investors recorded N47.42 billion.
Trading data shows that the market activities were bearish, as the total volume and value plunged by 36.85 per cent and 25.34 per cent, respectively. In a market report, Atlass Portfolios said about 154.12 million units valued at ₦1.75 billion were transacted in 4,515 deals, citing data from the Nigerian Exchange.
FIDELITYBK remained the most traded stock in terms of volume, accounting for 13.12 per cent of the total volume of trades.
The Tier-2 lender was followed closely by ZENITH BANK, which accounted for 7.75% of the transaction, UBA 7.52%, TRANSCORP 7.28% and NGXGROUP 6.58% to complete the top five on the volume chart.
Meanwhile, ZENITH BANK emerged as the most traded stock in value terms, with 15.62 per cent of the total value of trades on the exchange. ARDOVA topped the advancers’ chart with a price appreciation of 9.87 per cent.
The downstream oil company was trailed by MEYER (9.71%), GTCO (2.45%), GUINNESS (2.19%), UCAP (1.55%), UBA (1.29%), ACCESSCORP (1.03%), WAPCO (0.92%), ZENITHBANK (0.88%), NB (0.50%), NGXGROUP (0.21%) and seventeen (17) others.
On the flip side, sixteen (16) stocks depreciated, led by ROYALEX with a price decline of 9.52 per cent to close at ₦0.95. UCAP (-3.81%), UBN (-1.64%), HONYFLOUR (-1.14%), FIDSON (-0.87%), LIVESTOCK (-0.62%) and FLOURMILL (-0.16%) also dipped in price.
The market breadth was positive, recording 28 gainers and 16 losers while sectoral performance was bullish. The five major sectors closed positively compared to the previous session, led by Oil & Gas (0.83%), Banking (0.75%), Insurance (0.64%), Consumer Goods (0.20%) and Industrial Goods (0.06%), respectively.
READ: NGX Lost N51 Billion as Investors Unload Blocks of Shares
