NGX Sheds Weight as Equities Investors Dump Banks Shares
The equities segment of the Nigerian Exchange (NGX) slowdown on Thursday as investors take yet another profit from the local bourse, thus sustaining negative trading sentiment.
The weak performance of the domestic bourse was driven by share price decline in Zenith Bank, UBA, GTCO, Access Bank and ETI with four of NGX Index closing negative with one outlier. This caused performance indicators to dip marginally by 0.04 per cent.
Trading data tracked shows that year to date returns have moderated as investors lost about N13 billion in today’s trading session. Specifically, data from the local bourse shows that the month-to-date return moderated to +0.3%, while the year-to-date return was unchanged at +24.5%.
Overall, the Nigerian Exchange All-Share Index (NGX-ASI) plunged by 23.25 points, representing a 0.04 per cent decline and closed at 53,170.73. Equities market capitalisation declined by ₦12.53 billion to ₦28.66 trillion.
However, the market activities were bullish, as the total volume and value rose by 27.90 per cent and 9.36 per cent, respectively, stockbrokers at Atlass Portfolios said in a market report. READ: NGX Adds Weight as Investors Position in Financial Stocks
Approximately 318.42 million units valued at ₦3.34 billion were transacted in 4,345 deals, stockbrokers said, citing data from the Exchange. TRANSCORP emerged as the most traded stock in terms of volume, accounting for 51.90 per cent of the total volume of trades.
The stock was followed closely by GTCO (6.98%), UBA (6.00%), FBNH (4.19%), and ZENITH BANK (3.95%) to complete the top five on the volume chart. NESTLE appeared as the most traded stock in value terms, with 20.33 per cent of the total value of trades on the exchange, according to a market report.
UPL topped the advancers’ list on the local bourse with a price appreciation of 9.43 per cent each, trailed closely by INTBREW (4.23%), OANDO (3.33%), WAPCO (1.82%), TRANSCORP (1.54%), LIVESTOCK (0.63%), STANBIC (0.30%) and eight (8) others.
On the flip side, seventeen stocks also depreciated, topped by CILEASING with a price depreciation of 8.57 per cent to close at ₦3.2. ZENITH BANK share price declined by 2.35%, UBA lost 1.28%, NB fell 1.10%, ETI pullback by 0.89%, GTCO shrank 0.89%, ACCESSCORP dropped off 0.51% and NGXGROUP dipped 0.40%.
Today, the market breadth closed negatively, recording 15 gainers and 17 losers with sectoral performance closing bullish. Four of the five sectors closed positively compared to the previous session, led by Insurance (1.47%), Oil & Gas (0.46%), Consumer Goods (0.13%), and Industrial Goods (0.13%). While the Banking sector shed 1.20%. # NGX Sheds Weight as Equities Investors Dump Banks Shares
