NGX Slides by N140bn as Investors Book Profit
The Nigerian Exchange (NGX) market capitalisation slid by about N140 billion on Thursday as equities investors booked profit in small, mid and large capitalised stocks: Fidelity Bank, Access Plc, Zenith, Nestle, and MTN Nigeria among others.
Consequently, the key performance indicators nosedived by 0.38% as the bear grip tightened after the midweek rally on the exchange. Following the selloffs, the stock market year-to-date return moderated to 30.92%, still far ahead of an annual inflation rate of 26.72% in September 2023.
The market index or the Nigerian Exchange All-Share Index decreased by 254.43 basis points today, representing a decline of -0.38% to close at 67,098.80 points, Atlass Portfolios Limited told investors in a market update.
As expected, market activities nosedived amidst uncertainties in the Nigerian economy. The total volume and total value traded for the day decreased by -24.87% and -4.60% respectively.
Citing data from the domestic bourse, stockbrokers at Atlass Portfolios Limited said approximately 298.69 million units valued at ₦4,483.17 million were transacted in 5,453 deals.
UBA was the most traded stock in terms of volume, accounting for 18.86% of the total volume of trades. The Pan African lender’s stock was followed by FIDELITYBK (11.35%), ACCESSCORP (7.43%), TRANSCORP (7.31%), and ELLAHLAKES (6.77%) to complete the top 5 on the volume chart.
Given the trend, UBA was the most traded stock in value terms, with 23.51% of the total value of trades on the exchange. LEARNAFRCA topped the advancers’ chart with a price appreciation of 10.00 per cent.
The stock was trailed by DAARCOMM (9.52%), UPDC (+8.00%), THOMASWY (+6.80%), SUNUASSUR (+6.67%), and eleven others. Twenty-five stocks depreciated, according to data from the Nigerian Exchange.
MCNICHOLS was the top loser, with a price depreciation of -8.82%. OMATEK lost 8.70%, STANBIC plunged by 8.49%, ACCESSCORP bumped by 2.39%, NASCON dipped by 1.72%, and ZENITHBANK declined by 0.75%.
Based on the trading activities pattern spotted, the market breadth closed negative, recording 16 gainers and 25 losers. In addition, the market sector performance closed negative.
Three of the five major market sectors were down, led by the Insurance sector, which declined by (-1.08%), followed by the Banking sector by (-1.04 %), and the Consumer goods sector by (-0.28%), while the Industrial and Oil & Gas sectors closed flat.
Overall, the equities market went down by ₦139.79 billion, representing a drop of -0.38%, to close at ₦36.86 trillion from ₦37.00 trillion the previous day. #NGX Slides by N140bn as Investors Book Profit Naira Devaluation Deepens Economic Crisis in Nigeria