Nigerian Exchange Shrinks as Investors Lose N725bn
The Nigerian Exchange (NGX) market capitalisation shrank on Tuesday as equity investors lost about N725 billion from their combined portfolio value due to selloffs.
Investors trimmed their interest in some companies that recently posted gains across sectoral indices as sentiment weakened ahead of Q1 earnings release.
Stockbrokers reported that the key performance indicator decreased by 0.57%, primarily driven by fresh profit-taking in some medium- and large-cap stocks, including OANDO, WAPCO, MTNN, PZ, TRANSCORP, and others.
Specifically, the market index or All-Share Index fell by -1,130.86 basis points in today’s trading session to close at 196,066.11 points. Similarly, market capitalisation fell by ₦725.94 billion to ₦125.86 trillion.
Market activity slowed, with total trade volume and total value traded declining by 3.67% and 11.74%, respectively. Approximately 734.55 million units valued at ₦27,563.04 million were transacted across 64,829 deals.
ACCESSCORP with 10.79% of total trading volume emerges as the most traded, followed by MBENEFIT (7.08%), FTGINSURE (5.56%), ZENITHBANK (4.75%), and JAIZBANK (4.24%).
ZENITHBANK accounted for 11.83% of total trade volume, making it the most traded on the exchange. PREMPAINTS led the gainers chart, up by +9.97%, trailed by SUNUASSUR (+9.95%), CONOIL (+9.95%), DAARCOMM (+9.84%), ETERNA (+9.56%), NEM (+9.11%), and twenty-seven others.
A total of forty-one stocks depreciated. With a price depreciation of -10.00% each, NASCON and MBENEFIT topped the worst performers’ chart, followed by REDSTAREX (-9.94%), AUSTINLAZ (-9.88%), SCOA (-9.85%), FTGINSURE (-9.59%), and LIVINGTRUST (-8.86%).
Hence, the market breadth closed on a negative note, with 33 gainers and 41 losers. In today’s rendition, sectoral performance was broadly bearish, with four sectors declining.
The Industrial (-0.71%) index led this negative charge, followed by the Banking (-0.48%), Consumer Goods (-0.29%), and Oil & Gas (-0.29%) indices which were dragged by WAPCO (-4.76%), WEMABANK (-5.19%), NASCON (-10.00%), and OANDO (-7.59%), respectively.
However, the Insurance (+0.04%) index advanced on gains in NEM (+9.11%). #Nigerian Exchange Shrinks as Investors Lose N725bn GCR Withdraws Ratings on Letshego Ghana Savings and Loans
