Nigerian Equities Market Opens with N108bn Daily Loss
The Nigerian Exchange (NGX) equities segment opened the week with about N108 billion daily loss over sustained negative sentiment in the domestic bourse. The month of April is filled with negative stock performance, despite a good start to the year.
The bears held sway during trading session, causing market performance indicators to decline by -0.19% with year-to-date return moderating behind annual inflation rate of 33.20%.
Stockbrokers attributed the downturn in the equities market to sell-off in some large-scale stocks, such as DANGSUGAR, PRESCO, ZENITHBANK, and others.
Consequently, market index or the All-Share Index, decreased by 190.67 basis points today, representing a decline of -0.19% to close at 97,962.24, according to Atlass Portfolios Limited.
According to trading results, market activities inched higher. Total volume and total value traded for the increased by +4.59% and +1.20%, respectively. Stockbrokers said approximately 277.24 million units valued at ₦5,082.97 million were transacted in 8,714 deals.
UBA was the most traded stock in terms of volume, accounting for 12.47% of the total volume of trades.
The Pan African lender was followed by TIP (9.23%), TRANSCORP (7.00%), ACCESSCORP (6.78%), and ZENITHBANK (6.75%) to complete the top 5 on the volume chart. Again, UBA was also the most traded stock in value terms, with 19.52% of the total value of trades on the exchange.
STERLINGNG topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by FBNH with (+9.83%), and HONYFLOUR (+9.40%) including TANTALIZER (+9.09%). Other gainers include: CAVERTON (+8.90%), UACN (+8.87%), and nineteen others.
Nineteen stocks depreciated, according to data from the Nigerian Exchange. DANGSUGAR, and NSLTECH were the top losers, with a price depreciation of -10.00% each. Other losers include: CAP (-9.88%), BERGER (-9.87%), JAPAULGOLD (-7.85%), ZENITHBANK (-3.99%), and NB (-2.99%).
At the end of the trading session, the market breadth closed slightly positive, recording 25 gainers and 19 losers. But sectoral performance ended on a negative note
Information from NGX showed that as all the five major market sectors went downward, led by the Consumer goods sector which lost -0.79%. The index was followed by the Insurance sector by that declined by 0.70% while the Banking sector fell by -0.42%. The Industrial and Oil & Gas sectors both dropped slightly by (-0.02%).
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦107.70 billion, representing a drop of -0.19%, to close at ₦55.40 trillion. Nigeria’s Debts Rise ₦19tn in 5 Years as FCY Loan Gulps ₦109bn in Q2
