NGX Sheds N35bn as Stock Prices Swing Low
The Nigerian Exchange (NGX) sheds more than N35 billion on Friday following a selling spree week in the local bourse. Consequently, the Nigerian Exchange All-Share Index dropped by 65.06 basis points representing a decline of 0.13% to close at 49,475.42.
The trading session dragged year-to-date return to 15.98% amidst a hot red inflation jump. Market capitalisation followed suit the direction of the ASI to stand at N26.686 trillion, representing a 0.13% decrease from the N26.721tn it stood at the end of the previous trading session as investors’ net worth decreased by N35bn in the session.
Selloffs keep the stock market breadth weak as 13 counters in the losers’ chart pitted against 9 counters in the gainers’ chart, APT Securities & Funds Limited said in a market note.
Trading data shows that NEM Insurance gained 8.97% to become the best-performing stock in the session, flanked by ACADEMY, JAPAULGOLD, CADBURY, and WEMABANK as they populated the top five gainers’ chart.
REGALINS, UNITYBNK, ACCESSCORP, CORNERST, and UBA populated the top five losers’ chart. Stockbrokers stated that all sectoral indices closed in a mixed direction. READ: Analysts Predict CRR Debits for Banks after July Bond Auction
According to APT Securities & Funds said in its report that the NGX LOTUSISLM, NGX CNSMRGDS, and NGX INS gaining weight, while NGX OILGAS, NGX INDUSTR, NGXGROWTH, and NGX ASEM sectors close flat.
Market activity as measured by both volume and value of trades waned in the session, with daily traded volume standing at 107.495mn units, representing a 35.87% downtick from a volume of 167.608mn units traded in the previous session.
The value of those traded stocks dipped by 9.04% in the session to stand at N1.150 billion as against a value of N1.265 billion recorded in the previous trading session. The banking sector dominated the volume chart with the FBNH as the top traded stock by volume for the trading session.
This is followed by ZENITH BANK, ACCESSCORP, UBA, and GTCO to complete the list of the five most traded stocks by volume. With regard to the value of the traded stocks, ZENITH BANK took the lead among the top five performers.
It is flanked by MTNN, GTCO, FBNH, and lastly STANBIC. Overall, market capitalisation declined by ₦35.09 billion, representing a decline of 0.13% to close at ₦26.69 trillion from ₦26.72 trillion the previous day. #NGX Sheds N35bn as Stock Prices Swing Low