NGX Opens Negative as Investors Record N19.5bn Loss
The Nigerian Exchange (NGX) opens negative as investors record N19.5 billion weight loss on Monday after a positive close to the previous week. Amidst expectation for a rebound, Nigerian Exchange kicked off the week with profit-taking in INTBREW (-4.0%), ZENITH (-0.6%), and FBNH (-0.8%).
Consequent to the selloff trading session across tickers, the benchmark index shed nine (9) basis points to 43,270.94 points, this year to date moderated. The same scenarios that played out in the fixed income market today where the yield on bonds shed 2 basis points as demand for long-dated instruments rise.
Data from the Nigerian Exchange shows that year to date return moderated to 7.5% while market capitalisation shed ₦19.5 billion to ₦22.6 trillion. According to Afrinvest note, trading activity weakened as volume and value traded fell 30.2% and 34.1% respectively to 213.1 million units and ₦2.4 billion.
FCMB share totalled 58.5 million units were transacted AIICO 13.5 million units and ZENITH traded 12.8 million units to lead volume chart. Meanwhile AIRTELAF (₦679.8 million), GTCO (₦309.7 million), and ZENITH (₦308.7 million) led by value.
Afrinvest said across sector under its analysts’ coverage, performance was mixed albeit negatively skewed as 3 indices lost, 1 index gained, while the Industrial Goods and AFR-ICT indices closed flat.
The Insurance index was the lone gainer, up 82 basis points following bargain hunting in AIICO (+8.6%) and VERITASKAP (+4.8%). On the flip side, the Oil & Gas index led the laggards, down 56 basis points on account of sell pressure on OANDO (-2.3%).
Trailing, the Banking and Consumer Goods indices shed 23bps and 18 basis points respectively due to profit-taking in ZENITH (-0.6%), FBNH (-0.8%), INTBREW (-4.0%), and FLOURMILL (-0.3%).
Investor sentiment, as measured by market breadth, weakened to 0.6x from 0.8x as 13 stocks advanced while 21 stocks declined. AIICO (+8.6%), VERITASKAP (+4.8%), and ABCTRANS (+3.0%) led gainers while UPDC (-9.9%), UPDCREDIT (-9.9%), and CHIPLC (-7.3%) led decliners.
“We anticipate a mixed market performance in the next trading session due to the weak investor sentiment”, Afrinvest said. NGX Opens Negative as Investors Record N19.5bn Loss
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