NGX Sinks Deep, Investors Lost N426 Billion
The equities segment of the Nigerian Exchange (NGX) sinks further on Tuesday amidst sustained selloffs. As a result, stock market year-to-date returns moderated as equities investors lost N426 billion.
Today’s decline was largely occasioned by a negative outing in shares of heavyweights. Stockholders sold off shares in DANGCEM, SEPLAT, BUACEMENT, and BUAFOODS – top stocks and market movers in the local bourse.
As a result, the Nigerian Exchange All-share index (NGXASI) shed 158 basis points to 48,567.14 points as against its previous close of 49,346.40 points, according to market data.
The bearish outing dragged both the month-to-date and year-to-date performance of the All-Share Index at -3.58% and 13.70% from their previous close of -2.03% and 15.52% respectively.
Stockbrokers at Apt Securities & Fund Limited said Bears’ camp maintained dominance over the market breadth with 20 counters in the losers ‘chart pitted against 9 counters in the gainers ‘chart.
FTNCOCOA gained 10.00% to become the best performing stock in the local bourse on Tuesday, flanked by NEM, HONYFLOUR, UPL, and MBENEFIT as they populated the top five gainers’ chart.
From the rear of the chart, APT stockbrokers said BUAFOODS, NNFM, SEPLAT, ETERNA, and NAHCO populated the top five losers’ chart.
Further to this, stock market key sectoral indices closed in the same direction as the ASI, save for the NGX INS sector which gained 0.1.82% in the session. READ: Bonds Yield Rises to 12.17% as Naira Sinks
Meanwhile, NGXGROWTH, and NGX ASEM sectors closed flat. Market activity as measured by both volume and value of trades gained weight in the session with daily traded volume standing at 204.153 million units, representing a 66.34% uptick from a volume of 122.736 million units traded in the previous session.
Value of those traded stocks spiked by 144.64% in the session to stand at N3.183 billion as against a value of N1.301 billion recorded in the previous trading session. The financial services sector dominated the volume charts with MBENEFIT as the top traded stock by volume for the trading session.
This is followed by ZENITH BANK, FBNH, ACCESSCORP, and UBA to complete the list of the five most traded stocks by volume. With regards to the value of traded stocks, DANGCEM took the lead among the top five performers. It is flanked by ZENITH BANK, MTNN, FBNH, and lastly, SEPLAT.
Performance across sectors was broadly negative. The Oil & Gas index fell by 4.9% as a result of losses in Seplat shares. The Industrial Goods went down 4.6%, followed by a 3.1% decline in Consumer Goods while the banking index lost 0.1%. Meanwhile, the Insurance index pops +1.8%.
Today, market capitalization slowdown to N26.189 trillion, representing a 1.60% decrease from the N26.615tn it stood at the end of the previous trading session.
