Nigerian Exchange Shrinks as Equities Investors Lose N166bn
The equities market capitalisation of the Nigerian Exchange, NGX, declined as investors lost more than N166 billion on Tuesday amidst inflation slowdown. The huge amount that was knocked from the equities market capitalisation as a results of sell pressure that faced major movers. Some lightweight stocks with lower valuations actually posted gain, though insufficient to upturned negative market direction.
Equities market investors kick started profit taking activities on Friday persisted, causing moderation in year to date return with key performance indicators losing 25 basis points. The bearish run for the third consecutive session drained the value of listed equities driven by profit-taking activities in some medium and large-scale stocks.
Since Friday, a total sum of ₦937 billion has been knocked off from the Nigerian Exchange market capitalisation. Today, the market index or All-Share Index decreased by 266.76 basis points to close at 107,670.98.
Trading activities on the Exchange were down as the total volume and total value of all transactions conducted dropped by 20.03% and 12.07% respectively. In its market update, Atlass Portfolios Limited told investors that approximately 408.72 million units valued at ₦11,261.57 million were transacted across 14,174 deals.
In terms of volume, ACCESSCORP led the activity chart, accounting for 13.48% of the total volume of traded conducted in the market, followed by UBA (7.72%), GUINNESS (7.45%), FIDELITYBK (4.91%), and ZENITHBANK (3.90%).
GUINNESS emerged as the most traded stock in value terms, accounting for 19.95% of the total value of trades on the exchange.
CONHALLPLC topped the advancers’ chart with a price appreciation of 9.76 percent, trailed by SUNUASSUR (+9.58%), NEIMETH (+8.77%), CORNERST (+7.03%), WAPIC (+5.88%), LASACO (+4.59%) and ten others.
Thirty-nine stocks depreciated, according to data from the Nigerian Bourse. Ticker: TIP was the top loser, with a price depreciation of – 9.89%. Other decliners include CADBURY (-9.06%), ELLAHLAKES (-7.07%), HONYFLOUR (-5.93%), GUINNESS (-3.90%), and FBNH (-2.77%).
Given the trading direction, the market breadth closed negative, recording 16 gainers and 39 losers. In addition, the market sectoral performance was negative, as four of the five major market sectors went south.
The banking sector dropped by 1.02% followed by the Consumer goods sector which lost 0.39%. The Oil & Gas sector fell by 0.24%, and the Industrial sector dipped by 0.18%. The Insurance sector grew by 2.63%
Overall, the equities market capitalisation of the Nigerian Exchange plunged by ₦166.44 billion to close at ₦67.18 trillion. #Nigerian Exchange Shrinks as Equities Investors Lose N166bn Ministry Seeks $2 billion Fibre Optics Funding
