Nigerian Exchange Down, Investors Lose N135bn as Selloffs Persist
The equities segment of the Nigerian Exchange (NGX) experienced a another downtrend on Wednesday as bearish sentiment knocked off more than N135 billion from equities portfolio value.
Bearish sentiments persisted as losses in MTNN (-4.8%), JAIZBANK (-4.4%), and WAPIC (-8.8%) drove the All-Share Index lower by 0.2% to 140,716.10 points.
Investors profit taking activities knocked down NGX year to date return to 36.72% amidst looming third quarter earnings release. Trading data showed that
Market activity increased, with trading volume decreasing by 6.16% to 431 million units, and the total transaction value reaching N16 Billion across 20,849 deals.
ZENITHBANK led in trading volume, accounting for the total units traded 68 million, and the bank also recorded the highest transaction value at N4.7 billion.
Investor sentiment was predominantly bearish, as evidenced by 28 stocks declining compared to 23 that gained, resulting in a negative market breadth ratio of 0.8x.
DEAPCAP (-9.4%) and LEGENDINT (-9.3%) led the laggards, while DANGSUGAR (+10.0%) and MECURE (+10.0%) posted the most significant gains of the day.
Sectoral performance was mixed across the board. The Banking sector led gains with a 1.29% increase, followed by Consumer Goods (+0.55%) and Industrial (+0.25%) sectors.
Conversely, the Insurance sector fell 0.25% and Oil & Gas declined 0.05%, while the Commodity sector remained flat. Trading activity weakened significantly during the session.
Share volume dropped 41.70% to 442.56 million units, transaction values decreased 34.04% to N16.97 billion, and the total number of deals fell 8.34% to 21,684 transactions.Overall, equities market capitalisation fell by direction N135.13 billion to close at N89.06 trillion. CBN Sells $52m to Banks to Maintain Exchange Rate Stability
