NGX Lost N172 bln as Investors Offload Shares
• GTCO, UBA Tumble 11.6%
• Fidelity Bank Gained 10%
• Insurance Index Dropped 1.4%
The Nigerian Exchange (NGX) lost N172 billion in the just concluded week as equity investors offloaded more shares than they purchased during trading sessions.
Closing the week in red, the Nigerian Exchange All-Share Index declined 0.7% in the week to settle at 46,964.23 on Friday, according to market data.
Afrinvest said consequent to the decline, year to date return fell to 9.9% from 10.7% in the preceding week while ₦171.6 billion was shaved off the market capitalisation week on week to ₦25.3 trillion.
According to traders note, activity level faltered as average volume and value traded dipped 52.0% and 19.6% in the week to 235.3m units and ₦3.3 billion respectively from previous week.
The top traded stocks by volume were FIDELITYBK (161.3m units), ACCESS (115.0m units), and UBA (107.5m units) while GTCO (₦2.4bn), ZENITH (₦2.2bn), and ACCESS (₦1.1bn) topped the turnover table, according to Afrinvest.
Stock traders said performance across Afrinvest coverage sectors was underwhelming as all indicators fell, save the Oil & Gas and Industrial Goods indices which closed flat.
MarketForces Africa reported that the Nigeria stock market closed the last day of the week marginally positive amidst a seesaw trading pattern.
On the last day of the week, NGX witnessed a positive sentiment that was driven by price appreciation in stocks PZ and 14 others. The All-Share Index rose by 2.61 basis points representing 0.01 per cent appreciation, to close at 46,964.23.
On Friday, equity market capitalisation gained ₦1.40 billion, representing a growth of 0.01 per cent to close at ₦25.31 trillion. Meanwhile, the market activities were mixed, as the Total Volume dipped by 17.52 per cent while the Total Value rose by 59.21 per cent.
Atlass Portfolios Limited said approximately 177.09 million units valued at ₦4.180 billion were transacted in 3,873 deals. FIDELITYBK top the position as the most traded stock in terms of volume, accounting for 35.40 per cent of the total volume of trades.
The bank’s stock was followed closely by ZENITH BANK (12.45%), GTCO (9.27%), UBA (6.93%) and HONYFLOUR (5.26%) to complete the top five on the volume chart. NESTLE emerged as the most traded stock in value terms, with 46.66 per cent of the total value of trades on the exchange.
PZ topped the advancers’ chart with a price appreciation of 6.90 per cent, trailed by JAPAULGOLD (6.45%), AFRIPRUD (5.98%), NGXGROUP (2.17%), ZENITH BANK (1.13%), UBA (0.66%), GTCO (0.65%) and eight (8) others.
Sixteen (16) stocks depreciated, led by NNFM with a price decline of 7.83 per cent to close at ₦10.00. LIVESTOCK (-6.06%), TRANSCORP (-2.73%), HONYFLOUR (-1.93%), FBNH (-1.66%), UBN (-0.77%) and STERLNBANK (-0.66%) also dipped in price. Overall, the market breadth closed marginally negative, recording 15 gainers and 16 losers
Over the five trading sessions, the Insurance index was the biggest decliner. The segment lost 1.4% week on week due to selling pressure on AIICO (-2.8%) and MANSARD (-6.5%). READ: Market Return Moderated as Investors Offload Stocks
Similarly, the Consumer Goods and Banking indices closed the week, lower by 1.1% and 0.7% week on week respectively on account of price decline in NESTLE (-2.8%), FLOURMIL (-3.1%), UBA (-11.6%), and FCMB (-2.1%).
Also, losses in MTNN (-0.7%) weighed on the AFR-ICT index, down 0.3% week on week. For the week, investor sentiment, as measured by market breadth improved to -0.2x from -0.3x last week as 24 stocks gained, 42 lost and 86 closed unchanged.
The top performing stocks for the week were CAP (+10.0%), FIDELITYBK (+10.0%), and LEARNAFR (+9.6%) while RTBRISCO (-17.5%), GTCO (-11.6%), and UBA (-11.6%) were the top underperforming stocks.
In the last trading week of the year, Afrinvest analysts said they expect pessimism to persist in the absence of positive catalysts. #GTCO, UBA Tumble 11.6%. Fidelity Bank Gained 10%. Insurance Index Dropped 1.4%
