Nigerian Exchange Shrinks as Investors Pull Out Funds
The Nigerian Exchange, NGX, slumped further against as equities investors pulled out more fund from the local bourse amidst depressed sentiment.
The local bourse commenced the new trading week on a negative note, with key performance indicators reflecting mixed results. The All-share index fell by 0.15%, while the market capitalization posted a marginal loss of 0.01%.
The disparity in the market indicators was influenced by the Listing of Sterling Financial Holdings Company Plc’s 16,666,666,667 Ordinary Shares of 50 kobo each at ₦4.50 Per Share, through Private Placement on the exchange today.
Consequently, market index shed 155.96 basis points in today’s trading session, reflecting a 0.15% decrease to close at 105,955.13. Similarly, the equities market capitalisation dropped by ₦7.81 billion, settling at ₦66.34 trillion.
Stockbrokers at Atlass Portfolios Limited said this slight decline was largely due to the additional listing rather than widespread sell-offs. Beyond the impact of the new listing, the market downturn was driven by profit-taking activities in key stocks across major market sectors.
Today, market activities were down, as the total volume and total value trades dropped by 36.38% and 36.25% respectively. In its note, Atlass Portfolios Limited told investors that approximately 477.51 million units valued at ₦7,049.29 million were transacted across 13,520 deals.
In terms of volume, JAIZBANK led the activity chart, accounting for 41.39% of the total volume of trade consummated, followed by ZENITHBANK (5.45%), SOVRENINS (4.04%), PRESTIGE (3.89%), and FIDELITYBK (3.33%).
MTNN emerged as the most traded stock in value terms, accounting for 18.53% of the total value of transactions conducted on the exchange.
ACADEMY topped the advancers’ chart for today with a price appreciation of 9.92 percent, trailed by NEIMETH (+8.43%), TANTALIZER (+6.83%), DANGSUGAR (+4.71%), STANBIC (+4.24%), IKEJAHOTEL (+3.72%) and twelve others.
Thirty-four stocks depreciated, according to data from the Nigerian Exchange. ETRANZACT was the top loser, with a price depreciation of -10.00%. Other decliners include PRESTIGE (-8.26%), LIVESTOCK (-6.86%), INTBREW (-5.45%), NGXGROUP (-2.59%), and OANDO (-2.02%).
Today, the market breadth closed negative, recording 18 gainers and 34 losers. Also, the market sectoral performance was negative, as four of the five major market sectors dipped.
The Insurance sector declined by 1.79% and the Consumer goods sector fell by 0.38%, the Banking sector fell by 0.20%, and the Oil & Gas sector by retreated by 0.19%. The Industrial sector closed unchanged. #Nigerian Exchange Shrinks as Investors Pull Out Funds#
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