Nigerian Exchange Shrinks as Equities Investors Lose N888bn
The Nigerian Exchange (NGX) shrank on Tuesday as equities investors lost more than N888 billion over sharp profit-taking ahead of the Islamic and Children’s holidays.
The local bourse closed trading on a negative note, as key market performance indicators dipped by 55 basis points while sell pressures dragged the year-to-date return lower.
Ahead of the Sallah break, profit-taking in medium- and large-cap stocks led the market to give up gains from the previous session. Notable decliners included DANGSUGAR, TRANSPOWER, GTCO, FIRSTHOLDCO, TIP, and others, across all key market sectors.
The Banking and Insurance sectors posted the largest losses, declining by 1.83% and 1.41%, respectively.
The NGX All-share index fell by -1,386.18 basis points to close at 249,738.84, while market capitalisation reduced by ₦888.61 billion to close at ₦160.09 trillion.
The total volume of all trades executed and their total value declined by -10.38% and -33.46%, respectively. Stockbrokers reported that approximately 564.07 million units, valued at ₦27,221.97 million, were transacted in 65,666 deals.
ACCESSCORP accounted for 14.33% of trading volume on the Nigerian bourse, followed by ZENITHBANK (6.02%), MBENEFIT (5.66%), NEIMETH (3.96%), and STERLINGNG (3.94%). ZENITHBANK 16.44% of the total value of trade, thereby making it the highest traded on the exchange.
AUSTINLAZ and MCNICHOLS topped the gainers chart, up by +10.00% each, trailed by INTENEGINS (+9.89%), LEARNAFRCA (+9.44%), HMCALL (+8.06%), ETRANZACT (+5.26%), NASCON (+4.76%), and eleven others.
A total of thirty-seven stocks depreciated, according to the market report. With a price depreciation of -10.00%, DANGSUGAR topped the worst performers’ chart, followed by TRANSPOWER (-9.97%), TIP (-9.85%), ABBEYBDS (-9.49%), FIDELITYBK (-9.05%), and WAPIC (-8.18%). Hence, market breadth closed on a negative note, with 18 gainers and 37 losers.
Sectoral performance was largely bearish in today’s session. The Banking (-1.83%) and Insurance (-1.41%) indices recorded the highest declines following losses in GTCO (-1.83%) and MBENEFIT (-5.89%).
The Commodity (-0.86%), Consumer Goods (-0.77%), and Oil & Gas (-0.14%) indices also all closed lower amid sell pressure in TRANSPOWER (-9.97%), DANGSUGAR (-10.00%), and OANDO (-3.55%), respectively. Meanwhile, the Industrial Goods index closed flat. #Nigerian Exchange Shrinks as Equities Investors Lose N888bn#
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