Nigerian Exchange Dips by N118bn Despite Earnings Festival
Equities investors on the Nigerian Exchange (NGX) saw their combined wealth nosedived due to rapid selloffs on banking tickers as listed companies flood the market with earnings releases.
The domestic bourse closed in negative territory for the third day of the week as investors anticipate yield repricing in the fixed income market.
The market index, or the Nigerian Exchange All-Share index, plunged by 0.21% on Thursday, dragging the year-to-date return behind annual headline inflation. Stockbrokers said the NGX All-Share index was reduced by 208.21 basis points, representing a decrease of -0.21% to close at 100,156.96.
The market downturn was due to sell-offs across the major market sectors, led by the banking sector, which fell by -1.59% amid high inflation and interest rates, Atlass Portfolio Limited said in its update. Despite the selloffs, equity trading activities improved. Total volume and total value traded increased by +169.08% and +12.43%, respectively.
According to stockbrokers in their separate reports, approximately 1,339.60 million units valued at ₦9,674.88 million were transacted across 8,198 deals. FIDELITYBK was the most traded stock in terms of volume, accounting for 14.61% of the total volume traded on Thursday in the local bourse.
Other volume drivers include ZENITHBANK (11.10%), GTCO (7.40%), ACCESSCORP (6.37%), and FBNH (6.02%) to complete the top 5 on the volume chart. ZENITHBANK emerged as the most traded stock in value terms, with 21.29% of the total value of trades on the exchange.
CUSTODIAN topped the advancers’ chart with a price appreciation of 8.51 percent, trailed by LIVESTOCK with (+3.91%) growth, WAPIC (+3.90%), OANDO (+3.06%), UCAP (+2.70%), CAVERTON (+2.04%), and five others.
Twenty-four stocks depreciated, according to data from the Nigerian Exchange. OMATEK was the top loser, with a price depreciation of -10.00%. Other decliners are FCMB (-8.75%), CONHALLPLC (-7.14%), FTNCOCOA (-3.07%), FBNH (-2.79%), and ZENITHBANK (-2.57%).
Given the trading direction, market breadth closed negative, recording 12 gainers and 24 losers. Similar to overall market performance, it was majorly bearish for the sectors, with 4 out of the 5 sectors closing in red.
Banking (-1.59%), Insurance (-0.72%), Consumer Goods (-0.32%), and Industrial Goods (-0.01%) closed down, owing to selloffs in ZENITHBANK (-2.57%), CONHALLPLC (-7.14%), DANGSUGAR (-2.56%), and CUTIX (-9.51%), respectively. The Oil and Gas index (+0.01%), however, closed positive due to interest in OANDO (+3.06%).
Overall, the equities market capitalisation of the Nigerian Exchange lost N117.90 billion in today’s trading session to close at ₦56.71 trillion. #Nigerian Exchange Dips by N118bn Despite Earnings Festival FG Promises to Address Travel Trade Concerns
