Nigerian Exchange Index Falls, Equity Investors Lose N166bn
The Nigerian Exchange (NGX) All-share index fell by 0.19% on Friday as equity investors lost about N166 billion due to sustained selloffs. Selloffs dominated trading activities in the local bourse on the back of weak market sentiment and fading earnings season euphoria.
Key performance indicators headed south and year to date return moderated to 36.30% as profit taking activities on banking, insurance and oil and gas become casualties of downbeat sentiment. The market strength was weighed down by sustained profit-taking in previously appreciated medium and high-cap stocks such as MANSARD, OANDO, ACCESSCORP, NB and 27 others.
The Insurance sector led the decline among major sectors, reflecting broad-based weakness across the market. Specifically, the All-Share Index shed 272.34 basis points today, representing a drop of -0.19% to close at 140,284.90.
Trading activities were down today as the total volume and total value of all trades decreased by -50.83% and -63.28% respectively. Stockbrokers said approximately 435.14 million units valued at ₦10,391.10 million were transacted across 25,609 deals.
In terms of volume, VFDGROUP led the activity chart, accounting for 11.38% of the total volume of trades, followed by NSLTECH (7.66%), ACCESSCORP (6.20%), GTCO (4.92%), and FIRSTHOLDCO (4.60%), rounding out the top five.
GTCO emerged as the most traded stock in value terms, accounting for 19.01% of the total value of all trades executed on the exchange.
LEARNAFRCA topped the advancers’ chart for today with a price appreciation of 9.86 percent, trailed by UNIONDICON (+8.04%), PRESTIGE (+6.75%), ACADEMY (+6.11%), OMATEK (+6.06%), BERGER (+5.73%) and twelve others.
Thirty-one stocks depreciated, according to data obtained from the Nigerian bourse. JOHNHOLT was the top loser, with a price depreciation of -10.00%, trailed by UNIVINSURE (-6.25%), OANDO (-4.92%), ZENITHBANK (-4.35%), TRANSCORP (-1.98%), and LEGENDINT (-0.93%).
Sector performance was varied, with losses in Banking (-0.88%), Insurance (-1.54%), Oil & Gas (-0.51%), and Industrial (-0.01%) sectors, while Consumer Goods saw a marginal gain of 0.14%, and the Commodity sector was flat.
The total market capitalization dropped by ₦165.63 billion to ₦88.77 trillion. Market sentiment was subdued, with a negative breadth as 18 stocks gained compared to 31 that declined. #Nigerian Exchange Index Falls, Equity Investors Lose N166bn CBN Sells $166m to Banks, FX Forward Contracts Depreciate
