Nigerian Exchange Shrinks as Equities Investors Lose N21bn
The Nigerian Exchange (NGX) All-share index shrank at the beginning of the trading week as equities investors lost more than N21 billion to sell pressure in the local bourse. The domestic market opened on a negative note, as key market performance indicators declined moderately by 0.03% apiece ahead of inflation data.
The local bourse experienced profit-taking activities in some key market sectors, with the banking sector emerging as the biggest drag, recording a 1.99% decline.
This decline resulted in a drop of ₦21 billion in investors’ wealth. Specifically, the market index (All-Share Index) decreased by 33.72 basis points, representing a slight drop of 0.03% to close at 104,529.62.
However, the market activities were mixed, as the total volume of trades reduced by 12.16%, while the total value traded increased by 3.98% on the day. Stock analysts at Atlass Portfolios Limited told investors in a note that approximately 379.95 million units valued at ₦10,106.11 million were transacted across 10,791 deals.
In terms of volume, ACCESSCORP led the activity chart, accounting for 13.08% of the total volume of all transactions conducted in the market, followed by ZENITHBANK (12.95%), FIDELITYBK (9.11%), UBA (7.76%), and GTCO (7.25%), rounding out the top five.
ZENITHBANK also emerged as the most traded stock in value terms, accounting for 26.30% of the total value of trades closed on the exchange. ABBEYBDS topped the advancers’ chart for today with a price appreciation of 9.95 percent, trailed by UPDC (+9.82%), GUINEAINS (+9.52%), VFDGROUP (+9.46%), SOVRENINS (+9.41%), UACN (+8.93%), and twenty-two others.
In the local bourse, twenty-four stocks depreciated. INTENEGINS was the top loser, with a price depreciation of -9.76%. Other decliners include CONHALLPLC (-8.33%), JAPAULGOLD (-7.46%), NEIMETH (-6.94%), FTNCOCOA (-5.26%), and VERITASKAP (-4.72%).
At the end of the trading session, the market breadth closed positive, recording 28 gainers and 24 losers. Also, the sectoral performance was negative, as three of the five major market sectors were down.
The banking sector declined by 1.99%, followed by the insurance sector, which dipped by 0.36%, and the oil & gas sector fell by 0.19%. The consumer goods sector recorded a growth of 0.08%, while the industrial sector closed unchanged.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦21.19 billion, representing a decline of 0.03%, to close at ₦65.69 trillion. #Nigerian Exchange Shrinks as Equities Investors Lose N21bn Intraday Rally – Equities Investors Stake Bets on UBA, Zenith, GTCO
