Nigerian Bourse Sheds N30bn on Shares Selling Spree
A number of company shares listed on the Nigerian Exchange (NGX) see prices of tickers decline on Monday after large weekly gain reported last week. As a result of sell pressures on tickers, equities market capitalisation fell by about N30 billion.
Stock market renewed selling rally dragged year to date downward, having peaked at 17.2% in the just concluded amidst UAC new share listing. READ: TAJBank Eyes N30bn Capital Base, to Begin Bond Issuance
Today, the market index decreased by 54.42 basis points, representing a 0.11% decline to close at 49,991.41 points, now below 50,000 points psychological marks, against its previous close of 50,045.83 points
Market data shows that month-to-date and year-to-date performance of the All-Share Index moderated to 0.31% and 17.03% from their previous close of 0.42% and 17.16%respectively.
Market capitalisation printed at N26.969 trillion, representing a 0.11% drop from the N26.994 trillion it stood at the end of the previous trading session as investors’ net worth waned by N30 billion in the session.
In a market report, APT Securities & Funds Limited said bears camp took dominance over the market breadth with 16 counters in the losers’ chart pitted against 12 counters in the gainers’ chart.
CHAMS gained 7.69% to become the best-performing stock in the session, flanked by FLOURMILL, NB, PHARMDEKO, and NPFMCRFBK as they populated the top five gainers’ chart. ABCTRANS, JAPAULGOLD, NGXGROUP, WAPCO, and CUTIX populated the top five losers’ chart.
Market activity as measured by both volume and value of trades waned in the session with daily traded volume standing at 200.920mn units, representing a 16.29% downtick from a volume of 240.020 million units traded in the previous session.
The value of those traded stocks dipped by 46.00% in the session to stand at N1.446 billion as against a value of N2.677 billion recorded in the previous trading session.
The banking sector dominated the volume charts with STERLNBANK as the top traded stock by volume for the trading session. This is followed by FIDELITYBK, UBA, GTCO, and ZENITH BANK to complete the list of the five most traded stocks by volume.
With regard to the value of the traded stocks, MTNN took the lead among the top five performers. It is flanked by ZENITH BANK GTCO, STERLNBANK, and lastly UBA.
Sectorial performance was negative, with three of the five indexes closing lower, with the exception of the NGX Consumer Goods index, which rose by 0.35%, and the NGX Oil/Gas index which was unchanged. The NGX Banking index, NGX Insurance index, and the NGX Industrial index contracted by 0.91%, 0.07%, and 0.35% respectively.
Stockbrokers said trading activity was weak, with the volume of stocks traded sliding 16.29% to 200.92 million units and the total value of stocks traded plunging 46.00% to N1.45 billion. # Nigerian Bourse Burns N30bn on Shares Selling Spree
