NGX Sheds N104bn as Investors Sell Interest in FBNH, MTNN
The Nigerian Exchange (NGX) equities market capitalisation went down by about N104 billion as investors sold interest in FBNH, MTNN and other stocks. As trading activities closed negative, the key performance indicators of the Nigerian Exchange dropped by – 0.18% as the market reacted to an interest rate hike.
The downward trend was triggered by profit-taking in some medium and large-scale stocks, such as FBNH, MTNN, and others. Investors are becoming bearish on stocks as yield in the fixed income market remains elevated. Consequently, the market index or All-Share Index decreased by 183.88 basis points, Atlass Portfolios Limited said in its market update, representing a drop of -0.18% to close at 103,952.47.
Stockbrokers stated that market activities were mixed. Equities market data showed that total volume traded for the day increased by +22.03%. Meanwhile, total value traded was reduced by -0.81%. Approximately 374.41 million units valued at ₦11,291.01 million were transacted in 8,689 deals, Atlass Portfolios Limited told investors in its market update.
GTCO was the most traded stock in terms of volume, accounting for 17.98% of the total volume of trades. The orange brand financial services company was followed by UBA (13.78%), ZENITHBANK (11.37%), ACCESSCORP (8.92%), and FIDELITYBK (8.04%) to complete the top 5 on the volume chart.
Based on size advantage, GTCO was also the most traded stock in value terms, with 28.97% of the total value of trades on the exchange. ABBEYBDS topped the advancers’ chart with a price appreciation of 10.00 percent. The mortgage firm was followed by CONHALLPLC with (+9.92%) growth, JULI (+9.80%), MAYBAKER (+9.69%), INTENEGINS (+9.63%), CWG (+9.24%), and twenty others.
Twenty-four stocks depreciated, according to stock market data. UPDC was the top loser, with a price depreciation of -9.87%. On the loser chart are: UCAP (-8.75%), FTNCOCOA (-8.00%), INTBREW (-5.01%), FBNH (-3.57%), and ACCESSCORP (-2.12%). At the close of the trading session, the market breadth closed positive, recording 26 gainers and 24 losers. Despite the negative trend, the market sector performance closed at par.
The consumer goods and Industrial sectors dropped by -0.12% and -0.01% accordingly, while the Insurance and Banking sectors grew by +0.23%, and +0.07% respectively. The Oil & Gas sector closed unchanged. Overall, equities market capitalisation declined sharply, losing ₦103.97 billion, to close at ₦58.78 trillion. Treasury Bills Yields Pullback as Investors Increase Bets
