NGX Sinks over Selloffs in Jaiz, BUA Cement
The equities segment of the Nigerian Exchange (NGX) fell off the bullish cliff on Monday over renewed selloffs in small and mid-cap stocks. Today’s results halt six consecutive bullish runs seen in the past weeks following profit-taking activities in Jaiz Bank, BUA Cement
Stockbrokers told MarketForces Africa that market performance indicators declined by 0.25%. It was noted the Nigerian Exchange All share index slowdown as investors flood the fixed income market after the benchmark interest rate hike in November 2022.
The need to balance portfolios across the domestic market came on the back of changing investing landscape as the monetary authority turns hawkish as a fight against Nigeria’s rising inflation rate gets dirty.
Following the selloffs, market returns closed positive at +11.05%, trailing the average inflation rate in the year. Data from the local bourse shows that All-Share Index fell by 117.89 basis points, representing a decrease of -0.25% to close at 47,436.45 points.
Accordingly, year-to-date return declined to 11.1% while market capitalization dropped by ₦64.21 billion to close at ₦25,837.36 trillion from ₦25,901.57 trillion last Friday.
The total volume traded increased by 182.2% to 279.28 million units, valued at N1.56 billion, and exchanged in 3,781 deals. REGALINS was the most traded stock by volume at 97.63 million units, while BUACEMENT was the most traded stock by value at N268.67 million.
PRESTIGE gained 9.3%, trailed by NEM which popped up by 9.2% recorded – topping the gainers chart for the day. BETA GLASS lost 9.9% and SCOA declined by 9.4% – to lead the losers’ chart.
JAIZBANK fell by 6.82%, BUACEMENT lost -2.78%, TRANSCORP declined by 1.68%, and ACCESSCORP went down by 1.16%. READ: Jaiz Bank Gets Ratings Upgrade on Improved Capitalisation
Sectoral performance was mixed, as the Insurance (+1.5%) and Oil & Gas (+0.1%) indices printed gains, while the Industrial Goods (-1.3%) and Banking (-0.2%) indices declined. The Consumer Goods index closed flat.
As measured by market breadth, market sentiment was flat (1.0x) as an equal number of tickers (15) gained and lost. # NGX Sinks over Selloffs in Jaiz, BUA Cement
