NGX Lost N51 Billion as Investors Unload Blocks of Shares
The Nigerian Exchange, NGX, lost more than N51 billion at the beginning of a new week as investors unload blocks of shares in a move to adjust their portfolios. Last week, the local bourse had closed positive despite a seesaw movement witnessed during the week.
Due to sell-offs at the local bourse, market indicators, both the All-share index and market capitalisation dipped by 0.25 per cent. The decline was impacted by the price depreciation in some highly capitalized stocks, like BUACEMENT, GTCO and ZENITH BANK.
Data from NGX shows that the All-Share Index dipped by 97.95 basis points, representing a 0.25 per cent decrease to close at 38,864.33 points. In addition, market capitalisation lost ₦51.04 billion to close at ₦20.25 trillion.
Analysts at Atlass Portfolios said the market activities traded bearishly, as both the total volume and value traded lower by 77.99 per cent and 73.44 per cent, respectively. A total of 139.45 million units of shares valued at ₦1.71 billion were traded in 3,539 deals.
SOVRENINS topped the traded stocks in terms of volume, accounting for 13.68 per cent of the total volume of trades, followed by FIDELITYBK (8.50%), GTCO (7.99%), TRANSCORP (7.21%), and COURTVILE (5.70%) to complete the top five on the volume chart.
MTNN appeared to be the most traded stock in value terms with 27.15 per cent of the total value of trades on the exchange.
UPL topped the gainers’ chart with price appreciation of 9.80 per cent, followed by OANDO (6.07%), LIVESTOCK (4.72%), ACCESS (2.79%), FCMB (1.35%), DANGSUGAR (1.16%), UBN (1.01%), UACN (1.00%), FLOURMILL (0.86%), 11 others.
Conversely, MANSARD led the decliners’ chart as its share price dipped by 9.94 per cent to close at ₦2.99, as MBENEFIT (-3.33%), BUACEMENT (-2.94%), UBA (-0.67%), UCAP (-0.58%), GTCO (-0.54%) and ZENTHBANK (-0.21%) amongst others also declined in price.
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Despite the decline in the market activities, the market breadth closed positive, recording 20 gainers and 12 losers.
NGX Lost N51 Billion as Investors Unload Blocks of Shares
