Nigerian Exchange Index Falls as Banking Stocks Face Selloffs
The equities segment of the Nigerian Exchange (NGX) All-Share Index (ASI) ended Tuesday’s trading session in the red, as key performance indicators fell by 0.06%.
The market retreated after a sharp gain posted the previous day, led by price appreciation recorded by Dangote Cement. With profit-taking actions, NGX year-to-date return moderated ahead of inflation data later in the week.
Stockbrokers said despite advancers outnumbering decliners, the market declined, reflecting profit-taking in some medium- and large-cap stocks, including NAHCO, ZENITHBANK, FIRSTHOLDCO and STANBIC, among others.
Consequently, the market index (All-Share Index) fell by -143.58 basis points in today’s trading session, indicating a -0.06% decline to close at 252,313.16.
Also, the Nigerian stock market capitalisation fell by ₦93.24 billion, representing a decline of -0.06%, settling at ₦163.83 trillion.
However, the total volume of trades increased by +20.29% while the total value traded, on the other hand, declined by -0.54%. In a note, Atlass Portfolio Limited told investors that approximately 545.30 million units valued at ₦30,385.03 million were transacted across 31,543 deals.
NEIMETH was the volume driver, accounting for 18.91% of shares traded in the local bourse, followed by UBA (9.08%), HONYFLOUR (5.49%), ZENITHBANK (4.78%), and JAIZBANK with 4.52%.
ZENITHBANK topped the value chart, accounting for 13.06% of all shares traded in the Nigerian bourse, thereby making it the highest traded on the exchange.
CHAMPION led the gainers chart, up by +10.00%, then trailed by HONYFLOUR (+9.90%), CMFC (+8.75%), SOVRENINS (+8.41%), UPL (+8.33%), MCNICHOLS (+7.69%), and twenty-six others. A total of twenty-one (21) stocks depreciated.
With a price depreciation of -9.99%, NAHCO topped the decliners’ chart, followed by REDSTAREX (-9.85%), LIVINGTRUST (-9.79%), ABBEYBANK (-5.22%), CAVERTON (-4.29%), and PRESTIGE (-4.20%).
Hence, the market breadth closed on a positive note, as there were 32 gainers and 21 losers. Sectoral performance was positive today as four of the five major market sectors increased.
The Insurance sector rose by +1.33%, followed by the Consumer goods sector (+0.19%), the Oil & Gas sector (+0.09%), and the Industrial goods sector (+0.04%). Only the Banking sector declined by 0.67%. Dangote Cement Gains N3.896trn in 2 Days in Nigerian Market
