NGX Sheds N187bn over Selloffs in Telecom, Banking Shares
The equities segment of the Nigerian Exchange (NGX) loses about N187 billion on Tuesday following selloffs in heavyweight listed companies share like Airtel Africa, and Zenith bank among others.
The market closed on a negative note on the second day of the new week. This resulted in moderation in year-to-date returns amidst galloping inflation rate and yield repricing in the fixed income market.
Today, the Nigerian Exchange All-Share Index decreased by 346.49 basis points, representing a slide of 0.69% to close at 49,644.92, tracking behind the psychological mark of 50,000 points.
In total, stock market capitalisation inched lower by ₦186.89 billion to close at ₦26.77 trillion from ₦26.96 trillion the previous day.
At the end of the trading session, stock market year-to-date returns moderated to 16.22 per cent while market breadth closed positive with 11 stocks gaining, while 18 stocks declined.
Unilever led the gainers’ table during the day, gaining by 9.43 per cent to close at N13.35 per share. Cap followed with a gain of 7.58 per cent to close at N17.75, while Chams grew by 7.14 per cent to close at 30k per share.
Sterling Bank appreciated by 5.48 per cent to close at N1.54 and Sovereign Insurance rose by 3.7 per cent to close at 28k per share. On the other hand, NPF Microfinance Bank topped the losers’ chart, depreciating by 7.83 per cent to close at N1.53 per share.
Regency Alliance Insurance trailed with a loss of 7.69 per cent to close at 24k, while Livestock Feeds declined by 5.6 per cent to close at N1.18 per share.
NGX Group was down by 4.76 per cent to close at N20, while Zenith Bank lost by 3.57 per cent to close at N20.25 per share. Investors traded a total of 138.99 million shares valued at N2.73 billion in 4,247 deals, representing a 31 per cent decrease in volume.
This was against the 154.290 million shares worth N2.70 billion exchanged in 3,751 deals the previous day. Sterling Bank was the most active stock, exchanging 18.3 million shares worth N27.41 million.
Transcorp Nigeria followed with an account of 13.23 million shares valued at N14.03 million, while Zenith Bank traded 12.5 million shares worth N257.86 million. READ: Telecom Giant Airtel Africa Grows Profit By 82%
Guaranty Trust Holding Company (GTCO) sold 9.2 million shares valued at N183.08 million, while United Bank for Africa (UBA) exchanged 7.72 million shares worth N55.15 million.
Market activity as measured by volume of trades waned in the session with daily traded volume standing at 138.991mn units, representing a 30.82% downtick from a volume of 200.920mn units traded in the previous session.
Stockbrokers said the value of those traded stocks on the other hand inched up by 88.50% in the session to stand at N2.725 billion as against a value of N1.446 billion recorded in the previous trading session.
By size, the banking sector dominated the volume charts with STERLNBANK as the top traded stock by volume for the trading session. This was followed by TRANSCORP, ZENITH BANK, GTCO, and UBA to complete the list of the five most traded stocks by volume.
With regard to the value of the traded stocks, MTNN took the lead among the top five performers. The market records sell pressures on heavyweights, including AIRTELAFRI ZENITH BANK, SEPLAT, and GTCO. #NGX Sheds N187bn over Selloffs in Telecom, Banking Shares
