Nigerian Exchange Shrinks as Equities Investors Lose N1.8trn
The Nigerian Exchange (NGX) key performance indicators declined in the first trading session of June due to profit-taking in the local bourse. Market cap fell by N1.81 trillion on Monday as investors sold off.
The All-Share Index (ASI), market capitalisation and year-to-date return pulled back on Monday as investors trimmed their holdings across sectoral indices.
The NGX All-Share Index declined 1.13% to settle at 247,560.66 points, pulling the year-to-date return down to +59.09%. The risk-off sentiment knocked off ₦1.81 trillion from market capitalisation, which closed at ₦158.7 trillion.
Market breadth was negative at 0.6x, as 37 decliners. Top losers include BUACEMENT, TRANSEXPR, JOHNHOLT, REDSTAREX, and DEAPCAP.
The number of stocks that plunged surpassed 23 advancers, with INTENEGINS, CONHALLPLC, TIP, RTBRISCOE, and IKEJAHOTEL recording the most notable gains.
Sectoral performance was mixed, as Insurance (+0.79%) and Consumer Goods (+0.02%) finished in positive territory, while Industrial (-3.85%), Banking (- 1.49%), and Oil & Gas (-0.23%) weighed on the index and the Commodity sector ended flat.
Trading activity was mixed, as volume and deal count declined by 6.38% and 1.86% to 1.13 billion shares and 91,880 transactions, respectively, while turnover edged up by 1.96% to ₦44.28 billion.
Stockbrokers anticipate that the local bourse would sustain its bearish tone as continued profit-taking activity weighs on investor sentiment. Nigeria’s Private Sector Activity Hits 9-Month High -PMI
