NGX Lost N21bn as Selloffs Hit MTN, PZ, Jaiz Bank
The Nigerian Exchange (NGX) market capitalisation lost by more than N21 billion due to sell pressure on MTN Nigeria, PZ Cussons and Jaiz Bank among others.
Trading session ended on a negative with key performance indicators dipping by 0.04%. The Nigerian Exchange All-Share Index fell by 34.84 basis points to close at 98,023.23. Despite a positive market breadth, profit-taking in blue-chip stocks such as MTNN, along with 22 others, pulled the local bourse lower for the third consecutive trading day.
However, market activities inched higher amidst third quarter earnings release propelled transactions. Total volume and total value traded in the local bourse increased by 34.97% and 71.43% respectively.
In its market update, Atlass Portfolios Limited told investors that approximately 538.96 million units valued at ₦15,301.45 million were transacted across 10,028 deals. JAIZBANK was the most traded stock in terms of volume, accounting for 19.82% of the total volume of transacted.
Other volume drivers include UBA (17.82%), CHAMS (14.99%), MTNN (5.72%), and ZENITHBANK (4.29%). MTNN emerged as the most traded stock in value terms, accounting for 35.23% of the total value of trades on the exchange.
SKYAVN, UPL, and VITAFOAM topped the advancers’ chart for today with a price appreciation of 10.00 percent each. Other gainers include EUNISELL (+9.93%), NAHCO (+9.89%), NEM (+8.86%), CONHALLPLC (+8.57%), DAARCOMM (+8.47%) and twenty-five others.
Twenty-three stocks depreciated, according to data from the local bourse. PZ and JAIZBANK were the top losers, with a price depreciation of -10.00% each. Other decliners include UPDC (-9.38%), INTENEGINS (-8.97%), NGXGROUP (-8.32%), MTNN (-4.84%), and MAYBAKER (-2.01%).
Today, the market breadth closed positive, recording 33 gainers and 23 losers. The sectoral performance was also positive, as three of the five major market sectors surged.
The Banking index fell by 1.73%, followed by the Industrial sector which dipped by 0.24% while the Oil & Gas sector lost 0.22%. On the other hand, the Insurance and Consumer goods sectors rose by 0.71% and 0.11% accordingly.
Overall, the equites market capitalisation of the Nigerian Exchange lost ₦21.11 billion to settle at ₦59.40 trillion. In three days, the local bourse has lost ₦864 billion due to selloffs on major tickers while lightweights stocks rally. #NGX Lost N21bn as Selloffs Hit MTN, PZ, Jaiz Bank Naira Rises against US Dollar Ahead of Sept. FX Auction
