Nigerian Exchange Shrinks as Equities Investors Lose N658bn
Equities investors lost more than N658 billion in the Nigerian stock market due to selloffs across sectoral indexes on Monday. The Nigerian Exchange (NGX) All-share index fell sharply after negative performance posted last week.
The Nigerian equity market opened on a bearish note, as key performance indicators reflected a mix of outcomes. The market index reduced by 1.23%, shedding 1,295.02 basis points, to close at 104,216.87.
However, the market value of all listed stocks in the Nigerian market fell by N658.23 billion, representing a decline of 1.00%, to settle at N65.49 trillion. The contrasting movement between the indicators was attributed to the listing of First Holdco Plc’s right issue of 5,982,548,799 ordinary shares of 50 kobo each at N25.00 on the basis of 1 for 6.
Stockbrokers said in a commentary note that the broader market sentiment remained weak, as sell-offs in bellwether stocks across major sectors exerted downward pressure on the market index.
However, the market activities were up, as the total volume and total value of trades consummated increased by 27.52% and 37.48%, respectively. In its note, Atlass Portfolios Limited told investors that approximately 444.11 million units valued at N11,148.34 million were transacted across 15,690 deals.
In terms of volume, FCMB led the activity chart, accounting for 14.76% of the total volume traded on the Exchange, followed by FIDELITYBK (9.59%), GTCO (7.77%), ACCESSCORP (7.17%), and ZENITHBANK (7.14%), rounding out the top five.
GTCO emerged as the most traded stock in value terms, accounting for 20.94% of the total value of trades on the exchange. VFDGROUP topped the advancers’ chart for today with a price appreciation of 10.00 percent.
The diversified investment group was trailed by TOTAL (+9.61%), GUINEAINS (+9.52%), INTENEGINS (+9.33%), ABBEYBDS (+8.88%), FTNCOCOA (+6.25%), and three others.
In total, fifty stocks depreciated, according to data from the Nigerian bourse. OANDO, NSLTECH, CORNERST, and RTBRISCOE were the top losers, with a price depreciation of -10.00% each.
Other decliners include HONYFLOUR (-9.98%), MANSARD (-9.61%), AFRIPRUD (-9.60%), FIDELITYBK (-9.52%), and UBA (-7.60%).
Today, the market breadth closed largely negative, recording 8 gainers and 50 losers. Also, the market sectoral performance was negative. All sectors went south, led by the insurance sector, which dipped by 7.56%, followed by the banking sector, which fell by 5.48%.
The consumer goods sector declined by 0.79%, the oil & gas sector slumped by 0.65%, and the industrial sector was lower by 0.01%. Overall, the equities market capitalisation of the Nigerian Exchange lost N658.23 billion to settle at N65.49 trillion.
#Equities investors lost more than N658 billion in the Nigerian stock market due to selloffs across sectoral indexes on Monday. The Nigerian Exchange (NGX) All-share index fell sharply after negative performance posted last week. # FCMB Climbs as Investors Await Audited Results
