Nigerian Exchange Loses N639bn as Investors Book Profit
The equities segment of the Nigerian Exchange (NGX) plunged by about N639 billion as investors booked early profit from recently rallied stocks across indices, data from the local bourse revealed.
The Exchange experienced its first decline in 2024 after large gains due to an unusually strong rally on banking and other industrial stocks. As a result of the reversed mood, the stock market key performance indicator dipped by 1.40%.
Stockbrokers noted that investors dumped UBA, UCAP, FBNH, and 59 other stocks after they had peaked. Hence, the market index or All-Share Index decreased by 1,167.46 basis points to close at 82,024.38.
Despite the negative mood, stock market activities inched higher. Total volume and total value traded increased by +16.42%, and +2.82% respectively.
In its market update, Atlass Portfolios Limited said approximately 1,641.28 million units valued at ₦25,377.81 million were transacted in 20,224 deals.
TRANSCORP was the most traded stock in terms of volume, accounting for 7.17% of the total volume of trades. The conglomerate was followed by ACCESSCORP (7.11%), STERLINGNG (7.09%), JAIZBANK (6.10%), and AIICO (5.60%) to complete the top 5 on the volume chart.
GTCO was the most traded stock in value terms, with 12.94% of the total value of trades on the exchange. CADBURY topped the advancers’ chart with a price appreciation of 9.92 per cent, trailed by VERITASKAP with (+9.76%) growth, LINKASSURE (+8.70%), BUAFOODS (+5.82%), and seven others.
Sixty-two stocks depreciated, according to Atlass Portfolios Limited. FTNCOCOA, CAVERTON, CONHALLPLC, CORNERST, CHAMS, and MAYBAKER were the top losers, with a price depreciation of -10.00% each.
On the lower chart are: UBA (-9.97%), TRANSCORP (-9.94%), ZENITHBANK (-9.93%), FCMB (-9.83%), and FBNH (-9.79%). Based on the trading pattern, the market breadth closed largely negative, recording 13 gainers and 62 losers.
Today, the market sector performance was negative, as three out of the five major market sectors closed in red. The Banking sector dropped by 7.97%, followed by the Insurance sector which lost -6.12% while the Oil & Gas sector dipped by 0.40%.
The Consumer goods and the Industrial sectors were up by +2.45% and +1.39% accordingly. Overall, the equities market capitalisation of the Nigerian Exchange went down by ₦638.85 billion, to close at ₦44.89 trillion. #Nigerian Exchange Loses N639bn as Investors Book Profit
