Nigerian Exchange Loses N672bn as Stocks Retrace
Equities investors recorded significant price depreciation on Tuesday as sentiments in the domestic bourse turned negative. Resulting in a more than N672 billion decline in market capitalisation, Alpha seekers booked early profit, reversing the previous uptrend
Profit-taking activities witnessed in BUACEMENT (-9.9%) and MTNN (-1.8%) caused a 2% decrease in the benchmark index. In addition, share prices of ACCESSCORP, UBA, NESTLE GTCO, ZENITHBANK, FBNH, and WAPCO were moderated.
In the local exchange, sell pressure in MANSARD (-4.6%) and WAPIC (-3.6%) dragged the Insurance index lower by 0.5%. Meanwhile, buying interest in TOTAL (+5.7%) and ETERNA (+10.0%) buoyed a 1.9% increase in the Oil & Gas index.
Market data showed year to date return decline fell to 18.47% from 20.87% due to a bearish grip on key performance indicators in the domestic bourse. The market index or All-Share Index reduced by 1,234.20 basis points, representing a decrease of -1.99% to close at 60,715.04.
Likewise, market activities were down, as the total volume and total value traded for the day reduced by -8.14% and -13.04% respectively. Atlass Portfolio Limited said in its market update that approximately 1,107.34 million units valued at ₦12,209.64 million were transacted in 12,194 deals.
FCMB was the most traded stock in terms of volume, accounting for 16.35% of the total volume of trade. The Tier-2 lender was followed by STERLINGNG (9.72%), TRANSCORP (9.57%), UBA (7.90%), and ACCESSCORP (7.04%) to complete the top 5 on the volume chart.
ZENITHBANK was the most traded stock in value terms, with 14.72% of the total value of trades on the exchange. CHIPLC topped the advancers’ chart with a price appreciation of 10.00 percent.
The counter was trailed by ETERNA (9.96%), CHAMS (+9.88%), ETRANSACT (+9.87%), SKYAVN (+9.87%), and twenty-eight others. According to market data, forty-four stocks depreciated, where LASACO was the top loser, declining by 13.90% to ₦2.30. PZ went down by 10.00%.
WEMABANK lost 9.98%, BUACEMENT dipped by 9.86%, TRANSCORP fell by 9.84%, and UBA lost 5.20% of its market price. As a result of profit-taking, the market breadth closed negative, recording 33 gainers and 44 losers.
The market sector performance also closed negative.
Specifically, four of the five major market sectors were down, led by the Industrial sector (-4.25%), followed by the Banking sector (-3.88%), the Consumer goods sector (-1.35%), and the Insurance sector (-0.52%), while the Oil & Gas sector grew by (+1.91%).
Overall, the equities market lost ₦672.03 billion to close at ₦33,059.81 trillion from ₦33,731.84 trillion. NGX Loses N672bn as Stocks Retrace Nigerian Treasury Bills Yield Rises to 7%