NGX Sheds N128bn as Selloffs Hit Airtel, Geregu Shares

NGX Sheds N128bn as Selloffs Hit Airtel, Geregu Shares

NGX Sheds N128bn as Selloffs Hit Airtel, Geregu Shares

The equities segment of the Nigerian Exchange, NGX, tumbles on Thursday as investors started a new bearish riot with selloffs in large and mid-cap companies’ shares including Airtel Africa and Geregu Power.

Today, Airtel Africa announces its first-half profit which was impacted by currency depreciation across its African markets – including Nigeria where it rakes in significant revenue.

Today’s profit taking however halts the positive trajectory in the local bourse –market performance has been upbeat since Monday amidst third-quarter earnings releases by listed companies.

Consequently, the stock market performance indicators slumped by 0.52%. Specifically, the Nigerian Exchange All Share Index declined by 234.60 basis points to close at 44,625.18. As expected, the equities market capitalisation inched lower by ₦127.77 billion, representing a decline of 0.52% to close at ₦24.31 trillion from ₦24.43 trillion the previous day.

In its market report, stockbrokers at Atlass Portfolios Limited said market activities were mixed as the total Volume traded for the day increased by 61.45%. Meanwhile, the total value traded for the day declined by -54.07%. Trading data shows that approximately 150.97 million units valued at ₦1,554.10 million were transacted in 2,998 deals.

MBENEFIT was the most traded stock in terms of volume, accounting for 31.69% of the total volume of trades. The assurance company was followed by PHARMDEKO which accounted for 14.99% of total trade.

In terms of volume, TRANSCORP accounted for 5.95%, FIDELITYBK 5.21%, and ACCESSCORP 4.64% to complete the top 5 on the volume chart. Trading data from the local bourse indicates that AIRTELAFRI was the most traded stock in value terms, with 36.90% of the total value of trades on the exchange.

REGALINS topped the advancers’ chart with a price appreciation of 8.70 percent, trailed by SOVRENINS which gained 8.00% and JAPAULGOLD surged by 7.41%. The gainers’ chart indicates that CORNERST popped higher by 4.17%, UACN’s share price jumped by 4.07%, and seven listed stocks reported price appreciations.

On the other hand, nine stocks depreciated, topped by PHARMDEKO with a price depreciation of -9.76% to close at ₦1.85. The stock was trailed by LINKASSURE which lost 9.30% while WAPIC shed 8.33%. READ: Femi Otedola Geregu Power Boosts EPS by 45.48%, Valuation Rises Sharply

The market price was down ABCTRANS by 7.41%, AIICO was down by 3.45%, AIRTELAFRI dropped by 2.83% and GEREGU lost 1.72% of its opening valuation. On the day, the market breadth closed positive, recording 12 gainers and 9 losers.

However, the sector performance closed positive, as two out of the five major market sectors were up, led by the Banking sector, which grew by (+1.11%), and then the Consumer goods sector (+0.01%). The Insurance sector was down by -0.98%, while the Industrial and Oil & Gas sectors were unchanged from the previous day’s closing price. # NGX Sheds N128bn as Selloffs Hit Airtel, Geregu Shares