Nigerian Bourse Slides as Investors Feast on Geregu
Equities selloffs weigh on Nigerian stock market performance on Monday, resulting in a decline in market capitalisation, halting four long days of bargain hunting in the local bourse over a large feast on Geregu shares.
Following Nigeria’s president’s pro-market speech last week, the market value roared with about N1.6 trillion weekly gain. Transactions on market heavyweights: MTN Nigeria, Dangote Cement, Airtel Africa, BUA Cement, and BUA Foods Plc impacted the local bourse marginally.
With a record level of transactions, Geregu Power Plc lost N4.75 billion to selloffs. The decline accounted for more than 55% of the total loss sustained in the stock market.
Data from the Nigerian Exchange, NGX, showed that key market performance indicators dropped by -0.03% as investors took profit in an early exit in the new week.
Stock market year-to-date return moderated to 8.89% as the domestic bourse switched into a bearish region. Specifically, the market index or All-Share Index reduced by 15.73 basis points to close at 55,807.09 points.
However, market activities were mixed, as the total volume traded dropped by -18.87%, while the total transactions value traded increased by +224.33%.
Atlass Portfolios Limited told investors in a market report that approximately 369.78 million units valued at ₦19,841 million were transacted in 7,221 deals.
GEREGU was the most traded stock in terms of volume, accounting for 14.20% of the total volume of trades, followed by NPFMCRFBK (13.53%), ACCESSCORP (12.51%), ZENITH BANK (7.78%), and UBA (4.39%) to complete the top 5 on the volume chart.
Also, GEREGU was also the most traded stock in value terms, with 82.48% of the total value of trades on the exchange. NEM and OMATEK topped the advancers’ chart with a price appreciation of 10.00 percent each.
The two stocks were trailed by CONOIL which gained 9.94%, MRS popped up 9.94%, ETERNA did a 9.73% price jump, and UBN also advanced by 9.72% in addition to other twenty stocks that recorded price appreciation.
Stockbrokers reported that twenty-seven stocks depreciated, where JOHN HOLT was the top loser, with a price depreciation of 9.95% to close at ₦1.72.
In that class, COURTVILLE lost 9.80%, CHAMS dipped by 9.76% WAPIC declined by 8.70% and ACADEMY fell by 7.89%. In that regard, the market breadth closed slightly negative, recording 26 gainers and 27 losers.
In addition, the market sector performance closed positively, as four of the five major market sectors were up.
The Oil & Gas sector (+2.55%), followed by the Insurance sector (+1.31%), the Banking sector (+0.27%), and the Consumer goods sector (+0.06%), while the Industrial sector dropped by -0.03%.
Overall, equities market capitalisation lost ₦8.57 billion, representing a slight decline of -0.03% to close at ₦30,387.30 trillion from ₦30,395.87 trillion last week Friday. #Nigerian Bourse Slides as Investors Feast on Geregu