Nigerian Exchange Declines as Investors Book Profits
The Nigerian Exchange (NGX) bullish run paused on Thursday as investors took profit in some mid and large-cap stocks across sectoral indices.
The local bourse closed trading on a negative note, with the market index slipping 10 basis points amid losses in Zichis, Access Holdings, Zenith Bank, Lafarge Africa, Wema Bank, among other decliners.
Despite a positive market breadth, losses in stocks such as ZICHIS, FTNCOCOA, ZENITHBANK, WAPCO, ACCESSCORP, and others further pressured the market performance, stockbrokers said.
Market data showed that the NGX All-Share Index) fell by -265.08 basis points in today’s trading session, indicating a -0.10% decline to close at 252,243.11. Similarly, the equities market capitalisation reduced by ₦169.89 billion to close the day at ₦161.67 trillion.
Reflecting investors’ negative sentiment, market activity was down today, as total trade volume and value declined by 38.23% and 61.95%, respectively. Stockbrokers said approximately 1,039.59 million units valued at ₦41,641.16 million were transacted across 74,822 deals.
CHAMS topped the volume chart, accounting for 12.48% of all shares executed through voluntarily agreed transactions. Other volume drivers include VFDGROUP (10.44%), FIRSTHOLDCO (7.38%), ACCESSCORP (4.94%), and UBA (4.37%).
On the value chart, ARADEL led the pack, accounting for 15.26% of the total value of all transactions closed in the local bourse.
LEARNAFRCA gained +10.00%, trailed by FIDSON (+9.97%), AUSTINLAZ (+9.95%), BERGER (+9.92%), DEAPCAP (+9.90%), UNIONDICON (+9.87%), and thirty others.
A total of twenty-eight stocks depreciated. With a price depreciation of -9.99%, ZICHIS topped the worst performers’ chart, followed closely by FTNCOCOA (-9.87%), MEYER (-9.83%), RTBRISCOE (-9.41%), NEIMETH (-7.44%), and WEMABANK (-7.14%).
Hence, the market breadth closed on a positive note, with 36 gainers and 28 losers.
Sectoral performance was negative due to selling pressures. The Banking sector declined by -0.92%, followed by the Consumer goods sector (-0.13%), the Industrial goods sector (-0.03%), and the Oil & Gas sector (-0.02%). Only the Insurance sector appreciated by +0.46%. Fitch Affirms Stanbic IBTC Holdings at ‘AAA (nga)’, Outlook Stable
