Nigerian Bourse Declines as Investors Book Profit
The equities segment of the Nigerian Exchange (NGX) closed trading activities negative today amidst fresh selloffs driven by uncertainties in the local economy ahead of 2023 presidential election.
Following profit-taking activities after strong rallies at the beginning of the week, key performance indicators plunged by 0.06%, according to data from the Lagos bourse with moderation in year-to-date return.
On Tuesday, selloffs dragged year-to-date return lower to 5.73% while investors recorded ₦19 billion loss. In their respective daily market briefs, stockbrokers said activities level inched upward. Total volume and aggregate value traded for the day increased by +66.08% and +183.70% respectively.
Stock traders at Atlass Portfolios Limited said in a report that approximately 254.17 million units valued at ₦15,577.14 million were transacted in 2,950 deals.
GTCO was the most traded stock in terms of volume, accounting for 24.53% of the total volume of trades. The financial service group was followed by ZENITHBANK (11.87%), ACCESSCORP (8.74%), UBA (5.68%), and FIDELITYBK (4.47%) to complete the top 5 on the volume chart.
Similarly, GTCO was also the most traded stock in value terms, with 25.38% of the total value of trades on the exchange. MRS topped the advancers’ chart with a price appreciation of 10.00 percent.
The oil company’s positive share price movement was trailed by TRIPPLEG which gained 9.63%, AIICO popped higher by 1.69%, UPDCREIT advanced by 1.64%, JAIZBANK rose by 1.11% and four others recorded an uptick.
Fifteen stocks depreciated, where VERITASKAP was the top loser, with a price depreciation of -4.76% each, as LINKASSURE (-4.44%), INTBREW (-4.26%), TRANSCORP (-4.03%), and ACCESSCORP (-1.63%) also dipped in price.
Data indicates that the market breadth closed negative, recording 9 gainers and 15 losers while NGX indices closed negative as three out of the five major market sectors were down.
The Banking sector index which lost 0.38% led the decliners chart, followed by the Insurance sector index which tumbled by 0.22% including a 0.16% record loss in the Consumer goods sector index.
The Oil & Gas sector grew by +0.28%, while the Industrial sector was unchanged. Overall, stock market capitalisation declined by ₦19.09 billion to close at ₦29,519.81 trillion from ₦29,538.90 trillion yesterday. # Nigerian Bourse Declines as Investors Book Profit
