Nigerian Exchange Index Shrinks as Investors Lose N371bn
The Nigerian Exchange (NGX) All-share index shrank further on Thursday as equity investors’ portfolio value declined by about N371 billion.
Bears maintained tight grip in the local bourse for fourth consecutive trading session despite corporate earnings release. There were buckets of bargain hunting but not as strong as selloffs in some overpriced stocks.
Investors continue to dump some of recently appreciated medium and high-cap stocks resulting in a negative market breadth, and the cooling-off period continued.
This week, stock market has lost ₦1.25 trillion in investors’ wealth. The NGX market index or All-Share Index declined 584.30 basis points by 0.38% on Thursday to close at 153,676.66.
Hence, equities market capitalisation reduced by ₦370.89 billion, representing a decline of 0.38%, to close at ₦97.54 trillion.
Ironically, trading liquidity improved markedly as turnover volume surged 75.73% to 795.86 million units, transaction values spiked 136.61% to ₦35.11 billion, and deal count advanced 4.66% to 28,944.
The trading pattern recorded in the Nigerian stock market suggests heightened institutional activity and strategic positioning despite prevailing negative sentiment.
In terms of volume, GTCO led the activity chart, accounting for 19.88% of the total volume of trades conducted in the local bourse, followed by ASOSAVINGS (15.30%), CHAMS (4.99%), AIICO (3.30%), and ACCESSCORP (3.09%), rounding out the top five.
GEREGU emerged as the most traded stock in terms of value, accounting for 29.68% of the total value of trade on the exchange.
OANDO topped the advancers’ chart for today with a price appreciation of 9.99 percent, trailed by ASOSAVINGS (+9.30%) growth, AIICO (+5.26%), MAYBAKER (+5.00%), DEAPCAP (+4.97%), CUSTODIAN (+4.94%) and fourteen others.
Thirty-eight stocks were depreciated, according to NGX trading data. CADBURY, CHAMS and INTBREW were the top losers, with a price depreciation of -10.00% each.
Other decliners include NAHCO (9.49%), UACN (-6.47%), NGXGROUP (-4.27%), UCAP (-2.70%), and ARADEL (-2.25%) also dipped in price. In that regard, the market breadth closed negatively, recording 20 gainers and 38 losers.
Broad-based sectoral weakness persisted: Oil & Gas (-0.32%), Insurance (-1.27%), Commodity (-0.52%), Industrial (-0.25%), and Consumer Goods (-1.23%) recorded capital erosion, while Banking exhibited marginal resilience with a 0.06% gain. GTCO Profit Falls by 35.5%, Q3 Earnings Disappoint as Costs Spike
