Nigerian Bourse Sees Large Drop after 3-Day Rallies

Nigerian Bourse Sees Large Drop after 3-Day Rallies

Nigerian bourse sees large drop midweek after 3-days rallies, thus moderating year to date return as corporates continue to release results. Due to profit-taking trading activities, the Nigerian Exchange sees four out of five segments recording losses, save for the Oil & Gas sectors that expanded by 0.62 percent.

Overall, the Nigerian Exchange dipped by 180.55 basis points, representing a decrease of 0.38 percent to close at 46,930.66 points, Atlass Portfolios Limited said in a note.

Following the selloffs in some mid and large cap stocks, equity market capitalisation dipped ₦262.18 billion to close at ₦25.29 trillion. However, the market activities were positive as the total volume and value surged by 27.36 percent and 69.55 percent, respectively.

Approximately 434.95 million units valued at ₦6.26 billion were transacted in 5,878 deals, stockbrokers said.  FIDELTYBK led as the most traded stock in terms of volume, accounting for 10.98 percent of the total volume of trades.

The Tier-2 bank stock was followed closely by TRANSCORP (8.18%), COURTVILLE (7.46%), ZENITH BANK (6.91%) and GTCO (5.66%) to complete the top five on the volume chart.  SEPLAT emerged as the most traded stock in value terms, with 15.41 percent of the total value of trades on the exchange.

On the profitability chart, IKEJA HOTEL led the advancers’ chart with a maximum price appreciation of 10.00 percent.

This was followed by ETI (5.17%), JAPAULGOLD (2.70%), FBNH (0.88%), UBN (0.85%), NGXGROUP (0.82%), FLOURMILL (0.52%), UCAP (0.45%), ARDOVA (0.39%), SEPLAT (0.36%), FIDELTYBK (0.35%) and ten (10) others.

On the flip side, thirty-three (33) stocks depreciated, led by ABCTRANS with a price depreciation of 8.33 percent to close at ₦0.33.

CAVERTON depreciated by 6.17%, UBA dropped by 3.41%, ZENITH BANK shed 3.11%, WAPCO lost 2.22%, UNILEVER declined 1.79%, ACCESS fell 1.45%, AFRIPRUD plunged 1.45%, MTNN slide 1.23%, GTCO tumbled 1.07%, NB knocked off 0.93% and DANGSUGAR was priced down by 0.29%.

Consequent to the selling rallies, the market breadth closed negative, recording 21 gainers and 33 losers. Except for the Oil & Gas sector that grew by 0.62%, other sectors of the market dipped compared to the previous session, led by Insurance (-1.85%), Banking (-1.39%), Industrial Goods (-0.17%) and Consumer Goods (-0.003%), respectively. #Nigerian Bourse Sees Large Drop after 3-Day Rallies