Nigerian Bourse Down N75 bln as Investors Exit Positions

Nigerian Bourse Down N75 bln as Investors Exit Positions

Nigerian bourse down by more than N75 billion midweek as equity investors continue to exit position ahead of Christmas celebration, raising questions whether Santa Claus rally would be totally missed this season.

For the Nigerian bourse, it appears Santa Claus rally could elude the market even with improvement in market condition.

Sustaining the previous bearish trade session, investors in the Nigeria equity investor’s trade on negative sentiment as the key performance indicators dipped.

While year to date returns moderated again, the Nigerian Exchange All Share Index dipped by 0.34 per cent, Atlass Portfolios Limited hinted in a market note.

In particular, stocks analysts said the decline was supported by price depreciation in MTNN –the second-largest listed company by market capitalisation and 13 others.

Consequent to equity investors’ profit-taking trading pattern, the Nigerian Exchange index tanked 144.35 basis points, representing a decline of 0.34 per cent to close at 42,244.22.

Data from the local bourse shows that market capitalisation dropped off ₦75.35 billion to close at ₦22.05 trillion.

Similarly, data from the NGX shows that trading activities were bearish as the total volume and value traded tanked by 18.81 per cent and 32.47 per cent, respectively.

A total sum of 224.03 million units valued at ₦2.66 billion was transacted in 3,677 deals, according to a market report from Atlass Portfolios Limited.

Today, UACN surpassed the traded stocks in terms of volume, accounting for 34.66 per cent of the total volume of trades.

The conglomerate company stock was followed closely by MBENEFIT (6.74%), SOVERNINS (5.44%), VERITASKAP (4.32%), and ACCESS (4.02%) to complete the top five on the volume chart.

Also, UACN emerged as the most traded stock in value terms, with 26.24 per cent of the total value of trades on the exchange.

CUTIX and MAYBAKER led the advancers’ chart with a maximum price appreciation of 10.00 per cent.

These companies trailed by CHAMS (5.00%), NAHCO (1.49%), NESTLE (1.43%), NGXGROUP (1.06%), AFRIPRUD (0.79%), FIDELITYBK (0.39%), GTCO (0.39%) and eight (8) others.

Data from the Nigerian Exchange shows that fourteen (14) stocks depreciated, led by ROYALEX with a price depreciation of 6.67 per cent to close at ₦0.07.

Today, UBN share price lost 5.15% from its opening value, WAPCO dipped 3.75%, FBNH slow down by 1.64%, MTNN fell 1.34%, UBA declined 1.26%, ZENITH BANK slumped -.01%) and LIVESTOCK down 0.50%.

Even with the selloffs, stock market breadth closed positive, recording 17 gainers and 14 losers. The sector performance was relatively negative, as three of the five sectors depreciated.

The decliners were led by Banking (-1.00%), trailed by Oil & Gas (-0.75%) and Industrial Goods (-0.21%), while Consumer Goods and Insurance sectors rose by 0.58% and 0.55%, respectively. #Nigerian Bourse Down N75 bln as Investors Exit Positions

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