NGX Returns Negative as Selling Rallies Fuel Losses
The Nigerian Exchange (NGX) returns negative as investors offload Zenith, Access, and Stanbic IBTC stocks, marking the fourth consecutive selling rallies. The selling rallies depict investors moods have swing downward as market breadth closed largely negative, recording 9 gainers and 21 losers.
The All-Share Index shed 3.19 basis points, representing a 0.01 per cent decrease to close at 39,201.33 points as year to date losses widened.
Month to date losses slipped to negative this week while the stock market has maintained negative returns for a large part of the year. Data shows that month to date losses printed at 0.1% with a year to date loss of -2.7%, respectively.
Also, price depreciation in banking sectors, insurance and consumers sector bumps ₦1.66 billion from market capitalisation which printed at ₦20.42 trillion.
Market data shows that trading activities remain mixed, as the total volume traded depreciated by 1.00 per cent, while the total value traded rose by 4.52 per cent. A total of 350.53 million units of shares valued at ₦3.35 billion were traded in 3523 deals.
FBNH remained the top traded stock in terms of volume, accounting for 27.88 per cent of the total volume of trades, followed by WEMABANK (21.36%), ACCESS (13.62%), LIVESTOCK (3.67%), and NB (2.85%) to complete the top five on the volume chart.
Similarly, FBNH emerged as the most traded stock in value terms, with 21.80 per cent of the total value of trade on the exchange. CHAMS topped the gainers’ table with price appreciation of 4.76 per cent, trailed by UBA (4.67%), OANDO (3.08%), NB (1.25%), AFRIPRUD (0.78%), FBNH (0.67%), and three others.
Conversely, CORNERST topped the losers’ table as its share price declined by 7.69 percent to close at ₦0.48, as LIVESTOCK (-5.45%), HONYFLOUR (-5.13%), WEMABANK (-3.61%), FCMB (-1.67%), UCAP (-1.23%), ZENITHBANK (-0.83%), ACCESS (-0.53%) and WAPCO (-0.44%) amongst others also decline in price.
However, Afrinvest said the performance was mixed across sectors under its coverage as 3 indices gained, 2 fell, while the AFR-ICT index remained flat. The Oil & Gas index led the gainers, up 0.6% driven by sustained buying interest in OANDO (+3.1%).
Likewise, the Consumer Goods and Banking indices rose by 14 and 3 basis points respectively as a result of price appreciation in NIGERIAN BREWERIES (+1.3%), UBA (+4.7%), and GTCO (+0.2%).
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In contrast, the Insurance and Industrial Goods indices dipped 1.7% and 2bps respectively on the back of sell-offs in AIICO (-6.9%), CORNERST (-7.7%), and WAPCO (-0.4%).
“In the final trading session, we anticipate positive performance as investors take advantage of bargains in the market”, Afrinvest told clients via email.
NGX Returns Negative as Selling Rallies Fuel Losses
