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