NGX Tumbles as Market Opens With Selloffs
Equity market tracks lower on Monday as investors lost N36 billion after five straight days rally recorded at the just concluded week. After a heavy gain that lifted the entire market capitalisation above N25 trillion marks, today trading session was conducted with profit-taking moods.
The selling rallies by stock traders’ pullback stock market indicators from making further trajectory. Market data shows that the Nigerian Exchange All-Share Index dipped 0.06 per cent.
According to Broadstreet brokers, today’s market decline was driven by sell-off in the market, four key sectors were down but the Oil & Gas sector ended positively.
Overall, the local bourse All-share Index sheds 29.08 basis points, representing a decrease of 0.06 per cent to close at 45,928.27 points, according to a market report by Atlass Portfolios Limited.
Equity market capitalisation declined by ₦36.01 billion to close at ₦24.75 trillion. Today, the Nigerian Breweries Plc listed 78,929,849 additional ordinary shares arising from the scrip dividend election scheme, causing disparity between NGX-ASI and market cap.
Meanwhile, the market activities were mixed as the total volume traded plummeted by 1.06% while the total value rose by 19.71 per cent. A total sum of 278.61 million units valued at ₦2.89 billion was transacted in 4,447 deals.
CHAMS led the most traded stock in terms of volume, accounting for 14.56 per cent of the total volume of trades, followed closely by UBA (12.61%), COURTVILLE (11.97%), STERLNBANK (6.74%) and ACCESS (6.13%) to complete the top five on the volume chart.
SEPLAT emerged as the most traded stock in value terms, with 27.62 per cent of the total value of trades on the exchange.
NNFM remained the best gainer leading the advancers’ chart with price appreciation of 9.49 per cent, trailed by SEPLAT (3.30%), MAYBAKER (2.27%), HONYFLOUR (1.56%), FIDELITYBK (1.13%), GLAXOSMITH (0.83%), GUINNESS (0.71%), FLOURMILL (0.18%) and six (6) others.
Conversely, twenty-six (26) stocks depreciated in price, led by REGALINS with a price depreciation of 9.52 per cent to close at ₦0.38. There was record of share price depreciation in NEM (-5.41%), NEIMETH (-3.03%), UCAP (-2.24%), FBNH (-1.67%), UACN (-1.64%), NB (-1.46%), UBA (-1.22%), UNILEVER (-1.14%), ZENITHBANK (-0.78%), GTCO (-0.58%) and OANDO (-0.42%).
As a result, the market breadth closed negative, recording 14 gainers and 26 losers.
Also, the market sector performance was broadly negative, except for the Oil & Gas sector which grew by 1.67%. Other sectors led by Insurance (-1.44%), Banking (-0.45%), Consumer Goods (-0.23%) and Industrial Goods (-0.01%) dipped accordingly. #NGX Tumbles as Market Opens with Selloffs
