NGX Market Cap Slides N185bn as Ardova Plc Delists

NGX Market Cap Slides N185bn as Ardova Plc Delists

The equities market of the Nigerian Exchange market cap slumped by more than N185 billion as Ardova Plc made a voluntary exit from the local bourse in addition to Profit-taking in MTNN (-3.4%).

The development halted the market’s bullish trend at four successive trading days in terms of market performance. Consequent to this, the market indicators dropped by 0.46 %.

Atlass Portfolios Limited said in its market update that the disparity between the two performance indicators was basically due to ARDOVA’s voluntary delisting of its entire 1,310,629,267 issued share capital from the exchange.

Despite that, stock market year-to-date returns remain positive at +28.17%, although investors’ wealth was down by approximately ₦185 billion. Data from the Nigerian Exchange showed that the market index (All-Share Index) decreased by 301.65 basis points, representing a drop of -0.46% to close at 65,687.16.

Trading records showed that market activities were down, as the total volume and total value traded for the day dropped by -9.59% and -3.77% respectively.  Approximately 500.43 million units valued at ₦7,143.90 million were transacted in 7,345 deals.

UBA was the most traded stock in terms of volume, accounting for 11.66% of the total volume of trades. ACCESSCORP (11.04%), UNIVINSURE (6.53%), FBNH (5.60%), and ZENITHBANK (5.29%) to complete the top 5 on the volume chart.

ACCESSCORP was the most traded stock in value terms, with 22.86% of the total value of trades on the exchange. COURTVILLE, NCR and SEPLAT topped the advancers’ chart for today with a price appreciation of 10.00 percent each,

The stocks were trailed by FTNCOCOA (9.92%), JAPAULGOLD (+9.90%), LIVESTOCK (+9.90%), LEARNAFRCA (+9.76%), and twenty-four others. Twenty-four stocks depreciated, where CADBURY and UNILEVER were the top losers, with a price depreciation of -10.00% each, to close at ₦15.30 and ₦15.75.

MULTIVERSE (-9.97%), CHAMPION (-7.45%), CHIPLC (-6.42%), NGXGROUP (-5.19%), and FBNH (-4.87%) also dipped in price.  With swings, the market breadth closed positive, recording 31 gainers and 24 losers.

Nonetheless, the market sector performance closed positive, as three of the five major market sectors were up, led by the Oil & Gas sector (+4.91%), followed by the Consumer goods sector (+1.85%), and Insurance sector (+1.02%), while the Banking and Industrial sectors were down by -0.60% and -0.02% accordingly.

Overall, equities market capitalisation lost ₦185.13 billion to close at ₦35,745.92 trillion from ₦35,931.05 trillion yesterday. #NGX Market Cap Slides N185bn as Ardova Plc Delists Nigerian Treasury Bills Yield Rises to 7%