Nigerian Exchange Sheds N141bn as Investors Dump OANDO, MTNN
The Nigerian Exchange (NGX) market capitalisation shed more than N141 billion as investors dumped Oando and MTN Nigeria Plc shares in the local bourse. Despite recording a positive market breadth, the Nigerian stock market closed the day on a negative note, as key performance indicators dropped by 0.21%, effectively erasing the previous day’s gain.
Stockbrokers highlighted that the downturn was driven by selling pressure in Oando Plc, telecom company MTN Nigeria, and other medium-cap stocks. The profit-taking activities triggered a loss of approximately ₦141 billion in investors’ wealth by the end of the session.
The NGX All-Share Index decreased by 224.91 basis points to close at 104,563.34. However, the market activities were mixed, as the total volume of companies shares traded reduced by 12.16%, while the total value traded increased by 3.98%. In an update, Atlass Portfolios Limited told investors that approximately 379.95 million units valued at ₦10,106.11 million were transacted across 10,791 deals.
In terms of volume, ACCESSCORP led the activity chart, accounting for 19.30% of the total volume of stocks traded in the local bourse, followed by ZENITHBANK (8.79%), CUTIX (7.82%), GTCO (6.77%), and FIDELITYBK (5.18%), rounding out the top five.
GTCO also emerged as the most traded stock in value terms, accounting for 17.14% of the total value of trades closed on the exchange.
Ticker: CAVERTON topped the advancers’ chart with a price appreciation of 9.96 percent, trailed by VFDGROUP (+9.90%), ABBEYBDS (+9.86%), FTNCOCOA (+9.83%), REGALINS (+9.43%), UNIONDICON (+9.35%), and twenty-nine others.
Stockbrokers said nineteen stocks depreciated in the stock market on Friday. DEAPCAP was the top loser, with a price depreciation of -9.71%. Other decliners include ROYALEX (-9.09%), OANDO (-5.57%), MTNN (-4.08%), ACCESSCORP (-1.45%), and WAPCO (-0.35%)
At the close of the trading session, the market breadth closed largely positive, recording 35 gainers and 19 losers. However, the market sectoral performance ended on a mixed note, with two out of the five key sectors recording gains.
The insurance and banking sectors led the advance, rising by 2.07% and 0.55%, respectively. On the other hand, the oil & gas and industrial sectors closed in the red, dipping by 0.43% and 0.06%, respectively. The consumer goods sector closed unchanged after today’s trading session.
Overall, the equities market capitalisation of the Nigerian Exchange fell by ₦141.33 billion, representing a decline of 0.21%, to close at ₦65.71 trillion. #Nigerian Exchange Sheds N141bn as Investors Dump OANDO, MTNN Traditional European Banks Under Pressure as Neobanks Expand
