Nigerian Bourse Slumps as Investors Take Early Profit

Nigerian Bourse Slumps as Investors Take Early Profit

There was another bearish run in the equities segment of the Nigerian Exchange (NGX) on Monday as investors took early profit amidst declining buying temperature in the local bourse.  

The Nigerian bourse key performance indicators declined by 0.34%, according to stockbrokers following profit-taking activities in mid-cap stocks.

Opening the week on a negative note, the All-share index declined by 150.63 basis points to close at 43,818.12. Similarly, the equities market capitalization lost ₦82.05 billion to close at ₦23,866.55 trillion from ₦23,948.60 trillion last Friday.

However, market activities were mixed, as the total volume traded for the day was down by -10.79%, while the total value traded for the day was up by +17.22%, Atlass Portfolios Limited said in a market report.

Citing data from the local bourse, stock market analysts said approximately 187.09 million units valued at ₦2,535.34 million were transacted in 3,326 deals. Again, ACCESSCORP was the most traded stock in terms of volume, accounting for 47.02% of the total volume of trades.

The banking stock was followed by ZENITH BANK (10.33%), TRANSCORP (5.71%), UNITYBNK (5.44%), and NGXGROUP (2.81%) to complete the top 5 on the volume chart. READ: Naira Slumps as Foreign Currencies Inflows Tumble

Meanwhile, MTNN was the most traded stock in value terms, with 30.15% of the total value of trades on the exchange.  FTNCOCOA topped the advancers’ chart with a price appreciation of 9.68 percent.

The stock was trailed by CHIPLC which popped 6.90%, MANSARD gained 5.88%, and CHAMS surged by 4.17%. Also, UBN’s share price rose 3.48%, and eight other listed companies’ shares appreciated.

In a reverse direction, thirteen companies’ stocks depreciated, topped by JOHN HOLT with a price depreciation of 9.8% to close at ₦0.73.

SCOA fell flat by 9.71%. PRESTIGE lost 7.69% of its market valuation. AFRIPRUD was priced down by 4.67%. JAPAULGOLD went down by 3.57%. MTNN lost 2.40% while UBA declined by 2.08%.

Despite the bear riot, the market breadth closed par, recording 13 gainers and 13 losers, and the sector performance was positive.

Two out of the five major market sectors were up, which includes the Insurance sector (+0.91%), and the Banking sector (+0.26%). The Oil & Gas sector reduced by -0.88%%, while the Industrial and Consumer goods sectors were unchanged.#Nigerian BourseSlumps as Investors Take Early Profit

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