NGX Sinks Further as Investors Lose N84 Bln
The Nigerian Exchange (NGX) sinks further on Monday as equity investors lost about N84 billion after more than N231 billion was knocked off from market valuation last week.
Sustained selloffs in mid to highly capitalised keep the local bourse on a bearish line, opening the second quarter of the year on a negative note. Consequent to exit trading, equity market performance indicators tanked 0.33 per cent with year to date return moderating further.
Market data shows that the Nigerian Exchange All-Share Index shed 155.01 basis points representing a 0.33 per cent decline, to close at 46,687.85. Data from the Nigerian bourse shows that equity market capitalisation declined by ₦83.57 billion to close at ₦25.17 trillion.
Similarly, the market activities were bearish, as the total volume and value dipped 14.70 per cent and 32.57 per cent, respectively. Citing data from the local bourse, Atlass Portfolios noted that about 219.50 million units valued at ₦1.93 billion were transacted in 5.168 deals.
TRANSCORP top the position as the most traded stock in terms of volume, accounting for 13.19 per cent of the total volume of trades. The conglomerate was followed closely by FIDELITYBK (10.72%), UBA (6.87%), ZENITH BANK (5.73%) and ACCESSCORP (5.45%) to complete the top five on the volume chart.
Large-cap Tier-1 financial services ZENITH BANK emerged as the most traded stock in value terms, with 14.42 per cent of the total value of trades on the exchange. According to data from the domestic bourse, REDSTAREX topped the advancers’ chart with a price appreciation of 10.00 per cent.
The company was trailed by MEYER (9.72%), WEMABANK (7.41%), TRANSCORP (3.06%), UCAP (2.05%), HONYFLOUR (1.43%), GTCO (1.40%), CUSTODIAN (0.77%) and thirteen (13) others.
Traders said nineteen (19) stocks depreciated, led by REGALINS with a price decline of 9.68 per cent to close at ₦0.28. PZ share price declined 5.21%, FBNH fell 3.28%, WAPCO dipped 2.65%, UBA lost 2.60%, GUINNESS tumbled 2.04% and ZENITH BANK shrank by 1.79%.
Following a weak market sentiment, ACCESSCORP was priced down by 1.03%, MTNN knocked off 0.93%, and NGXGROUP’s share price declined by 0.83% due to selling rallies.
Nigerian Exchange trading record shows that the stock market breadth was positive, recording 20 gainers and 13 losers, but the sectoral performance was negative as three of the five major sectors closed on a bearish note compared to the previous session.
The banking sector declined 0.99%, Industrial Goods went down 0.43%, and Insurance bumped 0.32%, respectively. Meanwhile, the Consumer Goods and Oil & Gas sectors rose by 0.20% and 0.27%, respectively. #NGX Sinks Further as Investors Lose N84 Bln
READ: Nigerian Bourse Ends Lower as Investors Dump More Stocks
