NGX Records Early Drops over Selling Rallies in Bellwethers
Nigerian Exchange, NGX, records early drops in the week over selling rallies in bellwether stocks on the local bourse. Lagos bourse opens on a negative sentiment following the price depreciation on the market’s blue-chip stocks such as DANGCEM, GTCO, ZENITH BANK and 15 others.
The stock market has seen seesaw movement despite a slowdown in fixed income market yields for the most part of the second half of 2021 while local investors hold forte as foreign inflow declines.
Consequently, the Nigerian Exchange All-share index declined by 158.98 basis points to 39,326.67 points while market capitalisation tumbled ₦82.83 billion to ₦20.49 trillion.
Today record shows that stock market activities were mixed, as the total volume traded appreciated by 29.27 per cent, while the value of stocks traded on the exchange depreciated by 17.03 per cent.
It is noted that a total of 301.01 million units of shares valued at ₦1.54 billion were traded in 4,714 deals on Monday after the market closed negative last week.
TRANSCORP led the volume chart, accounting for 17.17 per cent of the total volume of trades, followed by HONYFLOUR (14.53%), CHIPLC (5.85%), OANDO (5.35%), and UPDC (5.02%) to complete the top five on the volume chart.
ZENITH BANK led the value chart with 14.35 per cent of the total value of trade on the exchange following the lender’s N0.30 interim dividend for the half-year result.
HONYFLOUR led the advancers’ table with price appreciation of 9.86 per cent, while CHAMPION led the decliners’ table as its share price declined by 7.73 per cent to close at ₦2.03.
Other depreciated stocks are ETERNA (-7.20%), ETI (3.67%), DANGCEM (-2.64%), NEM (-1.53%), ACCESS (-1.10%), ZENITHBANK (-0.61%) and GTCO (-0.18%) amongst others.
“We expect investors to reverse the negative sentiment in the next trading day, taking advantage of price depreciation in market bellwethers”, Atlass Portfolios analysts said.
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NGX Records Early Drops over Selling Rallies in Bellwethers
