Nigerian Exchange Down By N111bn over Wild Mood Swings
Due to sustained selloffs on major listed companies’ shares, the combined value of all the stocks listed on the Nigerian Exchange (NGX) went down by more than N111 billion on Thursday after the Islamic holiday.
The downturn in the market has been supported by investors’ mood swings due to policy uncertainties, and macro weaknesses, causing a switch away from previous buying interest that pushed key indices upward.
The local bourse has now lost more than N1 trillion in the past few days as equities investors began to take early exits ahead of the third quarter earnings season.
After the Islamic holiday, the stock market continues with selloffs, dragging the Nigerian Exchange All-share index, and year-to-date return lower by 31 basis points.
The local bourse now recorded its sixth consecutive negative outing amidst uncertainties driven by weak macros and the central bank’s indefinitely postponement of its policy meetings.
Citing data from the Nigerian Exchange, stockbrokers reported that the market index or All-Share Index reduced by 203.54 basis points today, representing a decrease of -0.31% to close at 66,448.63.
Also, data from the Nigerian Exchange showed that year-to-date return moderated further to 29.65%, as investors’ wealth was down by approximately ₦111 billion. Furthermore, market activities were down, as the total volume and total value traded dropped by –24.78 % and -24.67% respectively.
Approximately 273.80 million units valued at ₦3,412.21 million were transacted in 6,826 deals, according to a market report by Atlass Portfolios Limited.
ACCESSCORP was the most traded stock in terms of volume, accounting for 16.76% of the total volume of trades. The financial services group was followed by ZENITHBANK (7.72%), UNITYBNK (7.21%), UBA (6.32%), and TRANSCORP (5.75%) to complete the top 5 on the volume chart.
Likewise, ACCESSCORP was also the most traded stock in value terms, with 20.84% of the total value of trades on the exchange. RTBRISCOE topped the advancers’ chart with a price appreciation of 9.76 per cent.
The company was trailed by CWG (9.72%), BETAGLAS (+9.55%), VERITASKAP (+8.33%), CORNERST (+7.88%), and eleven others.
Twenty-six stocks depreciated, where VITAFOAM was the top loser, with a price depreciation of -9.92%, as FTNCOCOA (9.88%), OANDO (-9.84%), UCAP (-7.20%), DANGSUGAR (-6.00%), and UBA (-3.59%) also dipped in price.
According to Atlass Portfolios Limited, the market breadth closed negative, recording 16 gainers and 26 losers. In addition, the market sector performance closed negative.
The Banking and Consumer goods sectors went down by -1.01% and -0.68% respectively, while the Insurance sector grew by +0.83%. The Oil & Gas and Industrial sectors closed unchanged.
Overall, the equities market capitalisation dropped by ₦111.40 billion, representing a decline of -0.31%, to close at ₦36.37 trillion from ₦36.48 trillion on Wednesday. #Nigerian Exchange Down By N111bn over Wild Mood Swings Naira Devaluation Deepens Economic Crisis in Nigeria