NGX Tumbles as Value Hunting Recedes
The equities segment of the Nigerian Exchange (NGX) slumped as profit takers continue to offload shares from the respective portfolios. On Thursday, equities investors offloaded more shares over receding bargain hunting.
In the first trading week in April, profit-taking activities took centre stage in the local bourse, extending the market’s negative run to five consecutive trading days.
Consequently, market performance indicators dropped by -0.05% while year-to-date return moderated further. The market has been bleeding profusely for weeks as boom sessions appear to be closing.
Data from the Nigerian Exchange showed that year-to-date return moderated to 3.40%, as investors’ wealth was down by ₦675 billion in a week.
The market index (All-Share Index) decreased by 24.84 basis points today, representing a decline of -0.05% to close at 52,994.13, according to stockbrokers at Atlass Portfolios Limited.
However, market activities were mixed, as the total volume traded for the day increased by +33.93%, while the total value traded dropped by -28.70%.
In its market brief, Atlass Portfolios Limited said approximately 264.28 million units valued at ₦1,906.99 million were transacted in 3,555 deals.
TRANSCORP was the most traded stock in terms of volume, accounting for 55.12% of the total volume of trades. The conglomerate was followed by ZENITHBANK (7.16%), UBA (6.75%), ACCESSCORP (4.54%), and MANSARD (2.75%) to complete the top 5 on the volume chart.
ZENITHBANK was also the most traded stock in value terms, with 25.25% of the total value of trades on the exchange, according to market data. AIICO topped the advancers’ chart with a price appreciation of 5.26 percent, trailed by ACADEMY (4.65%), CHAMS (4.35%), UBA (2.40%), CHAMPION (2.00%), and four others.
Nineteen stocks depreciated, where UPL was the top loser, with a price depreciation of -10.00% to close at ₦1.80.
STERLING (-7.50%), WAPIC (- 6.98%), ETERNA (-5.98%), and FTNCOCOA (-3.57%) also dipped in price. In that regard, the market breadth closed negative, recording 9 gainers and 19 losers.
Today, the market sector performance closed negative, as three of the five major market sectors were down. The Consumer goods and Oil & Gas sectors both dropped by (-0.17%), followed by the Industrial sector, with a decline of (-0.04%). The Insurance and Banking sectors were up by +0.10% and +0.08% respectively.
Overall, equities market capitalization lost ₦13.53 billion on Friday, representing a decrease of -0.05% to close at ₦28,869.16 trillion from ₦28,882.69 trillion the previous day. #NGX Tumbles as Value Hunting Recedes
