NGX Slumps as Stockbrokers Fulfil Large Sell Orders

NGX Slumps as Stockbrokers Fulfil Large Sell Orders

The Nigerian Exchange equities segment slid on Tuesday as stockholders pressed enough sell buttons that halted the previous day’s rally. Stockbrokers at Alpha Morgan Capital had reported that the local bourse was high midday due to strong positioning in banking stocks.

However, before the close of the trading session, there was a reverse and the market bumped, causing the stock market’s year-to-date return to decline. Data from the local exchange showed that key indicators dropped by 0.04%.

All-Share Index reduced by 27.06 basis points, representing a decline of -0.04% to close at 65,309.65, according to trading records from the domestic bourse.  Then, market return moderated to 27.43% following about ₦15 billion daily loss.

However, market activities were mixed. The total volume traded dropped by -4.94%, while the total value traded increased by +14.91%. Atlass Portfolios Limited said approximately 317.81 million units valued at ₦4,471.66 million were transacted in 6,376 deals.

ACCESSCORP was the most traded stock in terms of volume, accounting for 15.55% of the total volume of trades. The Nigerian largest bank was followed by STERLINGNG (13.81%), UNIVINSURE (9.10%), FCMB (5.71%), and FBNH (4.51%) to complete the top 5 on the volume chart.

Stockbrokers reported in their market updates that ACCESSCORP was also the most traded stock in value terms, with 19.27% of the total value of trades on the exchange. However, GUINNESS topped the advancers’ chart for today with a price appreciation of 10.00 percent.

The brewer company was trailed by GLAXOSMITH (9.74%), CHELLARAM (+9.73%), TIP (+9.72%), UNIVINSURE (+9.09%), and twenty-three others. Twenty-four stocks depreciated. Trading data showed that NSLTECH was the top loser, with a price depreciation of -10.00%, to close at ₦0.27.

Towing the same line, NNFM dropped by 9.89%. JOHNHOLT lost 9.52%, TANTALIZER went down by 8.33%, GEREGU declined by 6.38% and CADBURY gave up 6.16% of its market valuation.

On Tuesday, the market breadth closed positive, recording 28 gainers and 24 losers. But the market sector performance closed negative.

Trading records from the local exchange showed that four of the five major market sectors were down, led by the Oil & Gas sector (-0.25%), followed by the Insurance sector (-0.18%), then the Industrial and Consumer goods sectors that dropped by (-0.05%) each, while the Banking sector Grew by +0.61%.

Overall, the equities market capitalisation declined by ₦14.72 billion, representing a drop of -0.04%, to close at ₦35,540.48 trillion from ₦35,555.20 trillion yesterday. #NGX Slumps as Stockbrokers Fulfil Large Sell Orders Naira Steadies as Banks Issue Update on FX Purchase

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ogochi Ndubuisi is creative content manager with interest in marketing and advertisement. Ogochi supports MarketForces Africa's clients corporate communication units with content development and liaise with media unit for disseminable product information.