Nigerian Exchange Sheds N51bn as FBNH, MRS Oil Slump
The Nigerian Exchange (NGX) shed more than N51 billion on Monday as investors sold down interest in FBN Holdings, MRS Oil, and LASACO, among others. The local bourse opened negative after more than N1 trillion spike in market capitalisation last week. The selloffs affected key market performance indicators, declining by -0.08% on the day.
Stockbrokers reported that the market downturn was primarily driven by profit-taking activities in some recently appreciated medium- and large-cap stocks across major market sectors.
The Nigerian Exchange market index, or All-Share Index, decreased by 83.81 basis points to close at 105,367.25 points. Today, equities market activities declined as the total volume and total value traded dropped by 65.91% and 58.10%, respectively.
In its market updates, Atlass Portfolios Limited said approximately 505.80 million units valued at N8,126 million were transacted across 14,259 deals. In terms of volume, TANTALIZER led the activity chart, accounting for 9.51% of the total volume of traded in the local bourse.
Other volume drivers include UNIVINSURE (6.18%), AIICO (5.95%), CHAMS (5.88%), and GTCO (4.83%), rounding out the top five. GTCO emerged as the most traded stock in value terms, accounting for 17.44% of the total value of trades on the exchange.
CAP topped the advancers’ chart with a price appreciation of 10.00 percent. Other top gainers include NEIMETH (+9.96%), LIVESTOCK (+9.90%), NSLTECH (+9.88%), INTENEGINS (+8.33%), FCMB (+5.94%), and nineteen others.
Stockbrokers said thirty-two (32) stocks depreciated in the local exchange on Monday. LASACO was the top loser, with a price depreciation of – 10.00%. Other decliners include ACADEMY (-9.85%), MULTIVERSE (-9.72%), UNILEVER (-8.33%), MRS (-7.71%), and FBNH (-5.63%).
At the close of trading activities, the market breadth ended negative, recording 25 gainers and 32 losers. Also, the market sector performance closed in the negative territory, as three of the five major market sectors went down.
The insurance sector dropped by -2.71% on Monday as sell pressure persisted. The banking sector lost -0.36% as FBN Holdings plunged amidst internal rancor.
The consumer goods fell by -0.16%. On the other hand, the oil & gas sector advanced further by 0.27%, while the industrial sector closed unchanged. Overall, the equities market capitalisation of the Nigerian Exchange declined N51.10 billion to close at N64.25 trillion at the beginning of the week. Cryptocurrencies Market Cap Rises as Bitcoin Pops Higher
