NGX Sheds N46bn as Investors Take Yesterday’s Gain Today
Again, the Nigerian Stocks wobble after a previous day gain as the pattern shows that investors have continued to take profits as soon as the local bourse records mild gains.
Recall, the Nigerian Exchange gained N21 billion yesterday and just a day after, market capitalisation tumbled by N46 billion.
This trend has persisted ahead of Santa Claus rally expectation as the festive day is nearing. Short trading has persisted in what some equity analysts dubbed a targeted offensive rally.
the pattern, which, according to some equity analysts, indicates a possibility of dark clouds gathering due to weaker investors sentiments.
However, the stock market (NGX) is still better placed when compared with the relatively quiet and cold trading activities in the fixed income market.
On Thursday, the Nigeria equities market shed 87 points to sustain the seesaw movement to six successive sessions. Today’s decline follows the price depreciation in the Industrial and Insurance sectors.
Consequently, the Nigerian Exchange All-share index dipped by 87.13 basis points, representing a decline of 0.21 per cent to close at 42,270.23 points, according to market data.
Due to bearish trade, year to date returns moderated while stock market capitalisation dropped off ₦45.46 billion, representing a decrease of 0.21 per cent to close at ₦22.06 trillion.
Meanwhile, the market activities trade bullishly as both the total volume and value traded rose by 10.28 per cent and 35.73 per cent, respectively.
A total of 249.43 million units valued at ₦3.57 billion were transacted in 3,578 deals, Atlass Portfolios Limited hinted in a market report.
Today, FBNH outdid the traded stock in terms of volume, accounting for 31.73 per cent of the total volume of trades.
The bank’s stock was followed closely by ACCESS (13.33%), ETI (9.29%), UBA (5.19%), and ZENITH BANK (3.86%) to complete the top five on the volume chart.
Also, FBNH emerged as the most traded stock in value terms, with 26.75 per cent of the total value of trades on the exchange.
ROYALEX topped the advancers’ chart with a price appreciation of 5.00 percent, trailed by NGXGROUP (3.92%), ETI (3.26%), TOTAL (2.35%), DANGSUGAR (1.52%), UBA (1.29%), GTCO (0.78%), FIDSON (0.48%), UNILEVER (0.38%) and six (6) others.
NGX data shows that twenty (20) stocks depreciated, topped by LIVESTOCK with a price depreciation of 10.00 per cent to close at ₦1.80.
The stock price of CAP declined 5.70%, HONYFLOUR falls 1.87%, and WAPCO slowdown 1.64%), DANGCEM dips 1.18%, UCAP bumps 1.00%, FBNH jerks down 0.83% and ARDOVA tumbles 0.74%.
Overall, the market breadth closed negative, recording 15 gainers and 20 losers.
However, the sector performance was relatively positive, as three of the five sectors appreciated, led by Oil & Gas (0.54%); trailed by Banking (0.45%) and Consumer Goods (0.11%). Insurance and Industrial Goods sectors tanked by 0.83% and 0.73%, respectively.
#NGX Sheds N46bn as Investors Take Yesterday’s Gain Today. Read Also: Subsisting Bearish Pattern Dominates Fixed Income Market
