Nigerian Exchange Sheds N2.18trn as Dangote Companies Dip
Equities investors in the Nigerian Exchange (NGX) lost N2.18 trillion on Thursday due to profit-taking in Dangote companies, Oando, and some top banking names on the local bourse.
The domestic bourse closed trading activities in red, as key performance indicators, the NGX all-share index (ASI) and the market capitalisation, declined by 1.41%.
The Nigerian bourse has been trading backwards for five straight trading sessions.
The market recorded a significant loss as investor confidence remained weak amid insecurity concerns, fueling sell-offs in medium- and large-cap stocks across all key market sectors.
There were sell-offs in DANGCEM (-3.6%) , OANDO (-3.19%), NEM (-9.09%), DANGSUGAR (-6.54%), ZENITHBANK (-2.94%), among others, while the Industrial Goods sector and the Insurance sector shed the most points today.
Consequently, the market index fell by -3,397.80 basis points to close at 237,404.92, while market capitalisation tanked by ₦2,179.27 billion to close at ₦152.27 trillion.
Total volume of all trades and their total value increased by +4.33% and +192.28%, respectively. Stockbrokers reported that approximately 691.64 million units, valued at ₦116,848.36 million, were transacted in 50,025 deals.
FIRSTHOLDCO accounted for 18.67% of trading volume in the stock market, followed by ACCESSCORP (17.67%), JAPAULGOLD (4.18%), FCMB (4.17%), and STERLINGNG (4.13%).
The Ticker: FIRSTHOLDCO topped transaction value, accounting for 20.23% of the total value of trades executed in the local bourse.
LEGENDINT topped gainer charts, up by +9.52%, trailed by NPFMCRFBK (+9.18%), TRANSCORP (+7.32%), NEIMETH (+7.03%), DAARCOMM (+5.29%), GUINEAINS (+5.10%), and seven others.
A total of forty stocks depreciated. With a price depreciation of -10.00% each, AFRIPRUD, CADBURY and TRIPPLEG topped the worst performers’ chart, followed by JOHNHOLT (-9.93%), MCNICHOLS (-9.33%), ZICHIS (-9.29%), INTENEGINS (-9.25%), and NEM (-9.09%).
Hence, market breadth closed on a negative note, with 13 gainers and 40 losers. Sectoral performance was negative today, with all five major market sectors declining.
The Industrial goods sector led the decline by -3.42%, followed by the Insurance sector (-2.83%), the Banking sector (-1.48%), the Consumer goods sector (-0.59%), and the Oil & Gas sector (-0.14%).
