NGX Slumps as Investors Eye High Yield in Debt Market

The Nigerian Exchange (NGX) equities market capitalisation slumped further on Wednesday as investors shifted attention to fixed interest securities. The monetary authority conducted a primary market auction today after Debt Management sold oversubscribed bonds to investors last week.

In their separate updates, stockbrokers and traders reported that the equity market closed trading activities relatively flat, as the market performance indicators declined by 0.002%.

Despite the market breadth closing largely negative, bargain hunting in some large and medium-scale stocks such as BUAFOODS, and others, ensured the bourse closed flat, Atlass Portfolios Limited said in its market update.

As a result of the sustained losing streak, listed companies’ market valuation fell below the opening positions at the beginning of the week. The market index or All-Share Index decreased partially by 1.74 basis points to close at 102,106.31.

Also, stock market activities declined while the fixed income market recorded sustained demand for fixed interest assets. Today, total volume and total value traded reduced by -30.81% and -15.68% respectively.

Citing data from the Nigerian Exchange, stockbrokers at Atlass Portfolios Limited told investors via email that approximately 341.92 million units valued at ₦6,405.44 million were transacted in 9,665 deals.

TRANSCORP was the most traded stock in terms of volume, accounting for 11.69% of the total volume of trades. This was followed by FBNH (9.85%), GTCO (7.62%), UBA (7.02%), and FIDELITYBK (5.35%) to complete the top 5 on the volume chart.

With its size advantage, GTCO was the most traded stock in value terms, with 15.95% of the total value of trades on the exchange.

MEYER topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by TRIPPLEG with (+9.84%) growth, JULI (+9.09%), CORNERST (+8.78%), AFRIPRUD (+8.70%), CONHALLPLC (+4.58%), and thirteen others.

Thirty-four stocks depreciated, data from the Nigerian bourse revealed. AIICO was the top loser, with a price depreciation of -9.92%. On the loser chart are: CADBURY (-9.50%), HONYFLOUR (-6.96%), DANGSUGAR (-5.63%), NAHCO (-4.29%), and FLOURMILL (-3.53%).

Given the market direction, the market breadth closed negative, recording 19 gainers and 34 losers. In addition, the market sector performance was negative.

Three of the five major market sectors dipped due to bearish moves. The Insurance dipped by -1.49%, followed by the Banking sector which lost -1.45%.

The Industrial sector fell by 0.10%, while the Consumer goods sector was up by +1.32%. The Oil & Gas sector closed flat. Overall, equities market capitalisation lost ₦0.96 billion to close at ₦55.871 trillion.  #NGX Slumps as Investors Eye High Yield in Debt Market#

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