Nigerian Exchange Down by N165bn over Selling Rallies

Losing about N165 billion today, the equities investors in the Nigerian Exchange saw their combined wealth falling for the second day in the week due to weak sentiment. Again, the market performance indicators dropped by 0.44%, resulting in a moderation in the year-to-date return of the Exchange.

The market’s negative performance was due to profit-taking in some recently appreciated stocks, Atlass Portfolios Limited said in its update. MarketForces Africa reported that during the intraday sessions, banking stocks and the latest debutant, MeCure Industries Plc drove a midday rally.

This was later reversed, causing a year-to-date return to a moderate to 38.61%. Stockbrokers at Atlass Portfolios Limited said in two days of losing streaks, equities investors’ wealth has declined by approximately ₦297 billion.

The market index or the Nigerian Exchange All-Share Index decreased by 312.76 basis points today, representing a decline of -0.44% to close at 71,041.05 points. Due to the bearish trading pattern, stock market activities inched downward. Total volume and total value traded dipped by -28.40% and -5.48%.

Stockbrokers said in the daily market updates that approximately 534.62 million units valued at ₦5,619.50 million were transacted in 8,136 deals.

ACCESSCORP was the most traded stock in terms of volume, accounting for 10.76% of the total volume of trades. The largest commercial financial institution in Nigeria was followed by TRANSCORP (9.56%), UBA (7.47%), UNITYBNK (6.42%), and VERITASKAP (5.90%) to complete the top 5 on the volume chart.

Based on its size advantage, ACCESSCORP was also the most traded stock in value terms, with 17.35% of the total value of trades on the exchange.

NSLTECH topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by MECURE (9.99%), SUNUASSUR (+9.68%), ROYALEX (+6.35%), TANTALIZER (+5.45%), and thirteen others.

Forty stocks depreciated on Tuesday, according to market data from the local bourse. OMATEK was the top loser, with a price depreciation of -10.00%. Also on the loser chart are IKEJAHOTEL (9.87%), NEIMETH (-9.87%), LIVESTOCK (-9.19%), UACN (-5.59%), and STANBIC (-3.08%). Naira Steadies as Banks Issue Update on FX Purchase

At the end of the trading session, the market breadth closed negative, recording 18 gainers and 40 losers. Further details showed that the market sector performance closed at par.

Today, two of the five major market sectors slipped.  The Insurance and Industrial sectors dropped by -1.27% and -1.25% respectively. The banking and Consumer goods sectors grew by +0.06% and +0.04% respectively. The Oil and Gas sector closed flat.

Overall, equities market capitalisation declined by ₦164.76 billion to close at ₦38.88 trillion from ₦39.04 trillion yesterday.