NGX Slumps as Geregu, Insurance Stocks Depreciate
The equities market capitalisation of Nigerian listed companies’ shares declines to N24 trillion, after N2.6 trillion record loss booked in October 2022. The market was heated up with selloffs in mid-cap stocks after a bullish outing reported yesterday.
Specifically, a major sell-off was seen in the insurance space given the moderation in the share prices of Prestige, Sunu Assurance and WAPIC Insurance. Hence, the year-to-date gain of the local bourse fell to 3.56%.
Consequently, stock market performance indicators tumbled while year-to-date return also moderated amidst an expectation of upward yield repricing in the fixed interest securities space.
Data from the local bourse indicates that the Nigerian Exchange All-share index still trending below the 45,000 psychological level, down by 46.32 basis points to close at 44,236.70 points.
Trading data indicates that stock market capitalisation went down by ₦25.23 billion, representing a decline of 0.10% to close at ₦24.09 trillion from ₦24.12 trillion the previous day.
However, market activities were up as the total volume and total value traded for the day grew by 39.46% and 26.23% respectively, according to Atlass Portfolios Limited market note.
Stockbrokers stated that approximately 215.15 million units valued at ₦1,905.94 million were transacted in 3,389 deals. Today, ACCESSCORP was the most traded stock in terms of volume, accounting for 52.21% of the total volume trade in the local bourse.
The financial service company was followed by TRANSCORP (7.47%), STERLNBANK (5.70%), FIDELITYBK (4.32%), and ZENITH BANK (3.34%) to complete the top 5 on the volume chart.
In addition to that, shares of Access Bank Holdings Ticker: ACCESSCORP was also the most traded stock in value terms, with 46.83% of the total value of trades on the exchange. READ: NGX Ends in Red as Investors Sell Buckets of Shares
UPDCREIT topped the advancers’ chart with a price appreciation of 9.09 percent, trailed by TRANSEXPR (8.82%), CHAMPION (7.81%), JAPAULGOLD (7.69%), CUTIX (4.88%), and seven (7) others.
Stockbrokers’ notes show that twenty stocks depreciated, topped by PRESTIGE with a price depreciation of -9.80% to close at ₦0.46. UNILEVER share price declined by 8.29%, OANDO fell by 5.92%, GEREGU declined by 3.57%, and FIDELITYBK lost 1.91%.
Also, FBNH dropped by 1.00% and TRANSCORP was priced down by 0.95%. Overall, the market breadth closed negative, recording 12 gainers and 20 losers as the sector performance closed negative.
Three out of the five major market sectors declined, led by the Insurance sector, which decreased by (-1.01%), followed by the Oil & Gas Sector (-0.96%), and then the Consumer goods sector (-0.18%).
The Banking and Industrial sectors grew slightly by +0.05% and +0.01% accordingly, Atlass Portfolios stockbrokers market note stated. # NGX Slumps as Geregu, Insurance Stocks Depreciate