Nigerian Exchange Shrinks as Equities Investors Lose N215bn
The Nigerian Exchange, NGX, shrank by more than N215 billion as bears hold sway in the local bourse. The sell-offs have persisted for days as interest rates surpassed inflation. As sell pressures gathered steam, year-to-date return moderated while key market performance indicators declined by 0.34%.
Stockbrokers said the market’s negative performance was driven by profit-taking activities across major market sectors. As a result, investors’ wealth shrank by ₦516 billion over four successive days, reflecting the overall market downturn. The Nigerian Exchange All-Share Index decreased by 345.36 basis points today, representing a drop of 0.32% to close at 107,781.61.
However, the market activities were up, as the total volume and total value trades grew by 1.47% and 9.05%, respectively. In a note, Atlass Portfolios Limited told investors that approximately 363.01 million units valued at ₦10,118.13 million were transacted across 13,753 deals.
In terms of volume, ACCESSCORP led the activity chart, accounting for 10.18% of the total volume traded in the market, followed by JAIZBANK (6.36%), ZENITHBANK (5.09%), MANSARD (4.71%), and GUINNESS (4.12%), rounding out the top five.
ARADEL emerged as the most traded stock in value terms, accounting for 15.72% of the total value of transactions conducted on the exchange. SMURFIT topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by NGXGROUP (+9.97%), REDSTAREX (+9.57%), ABCTRANS (+8.13%), NPFMCRFBK (+5.14%), NSLTECH (+4.84%), and seven others.
Forty-eight stocks depreciated, according to data from the Nigerian Exchange. HONYFLOUR was the top loser, with a price depreciation of -10.00%. Other losers include OANDO (-9.72%), AFRIPRUD (-9.69%), CHAMS (-7.08%), VERITASKAP (-5.98%), and NASCON (-3.37%).
Today, the market breadth closed negative, recording 13 gainers and 48 losers. In addition, the market’s sectoral performance was negative, as all five major market sectors went down. The insurance sector dropped by 3.52%, followed by the Oil & Gas which lost 1.04%, and the banking sector fell by 0.56%.
The consumer goods sector fell by 0.22%, and the industrial sector went down 0.02%. Overall, the equities market cap of the Nigerian Exchange lost ₦215.12 billion, representing a decline of 0.32%, to close at ₦67.17 trillion. #Nigerian Exchange Shrinks as Equities Investors Lose N215bn FBN Holdings Records Huge Off-Market Shares Transactions
