Nigerian Exchange Weakens by Selloffs on Big Tickers
The Nigerian Exchange (NGX) was faced with sell pressures on major counters which continued to drag performance indicators lower. At the close of Tuesday’s session, the performance of the All Share Index (ASI) showed sustained bearish momentum.
Basically, equities investors are in a selling mood and dumped the banking and oil & gas stocks despite the approval of the new Central Bank of Nigeria Governor. Consequently, a total of N126.14 billion was wiped out from investors’ pockets as the benchmark index experienced a downturn of 0.34% to 66,652.17 points.
Stockbrokers said there was a noticeable adverse movement in the share prices of CONOIL (9.99%), FTNCOCOA (9.95%), OANDO (9.81%), BERGER (8.63%) and LASACO (8.42%) leading the downward trend.
As a result of selling rallies in the past few days, NGX year to date return fell to +30.05%, as investors’ wealth was down by approximately ₦934 billion in five days, according to Atlass Portfolios Limited.
The market index (All-Share Index) reduced by 230.47 basis points, representing a decrease of -0.34% to close at 66,652.17, data from the local bourse showed.
Furthermore, market activities were down, as the total volume and total value traded dropped by -10.83% and -16.76% respectively. According to trading statistics, approximately 363.99 million units valued at ₦4,529.78 million were transacted in 7,018 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 13.76% of the total volume of trades. The bank was followed by TRANSCORP (13.36%), UBA (12.59%), ZENITHBANK (5.94%), and FTNCOCOA (4.35%) to complete the top 5 on the volume chart.
Meanwhile, UBA was the most traded stock in value terms, with 17.39% of the total value of trades on the exchange. CHIPLC and CORNERST topped the advancers’ chart with a price appreciation of 10.00 per cent each, trailed by BETAGLAS (9.85%), CHAMPION (+9.09%), COURTVILLE (+9.09%), IKEJAHOTEL (+8.73%), and fifteen others.
Twenty-two stocks depreciated, where CONOIL was the top loser, with a price depreciation of 9.99%, as FTNCOCOA (-9.95%), OANDO (-9.81%), ETERNA (-5.06%), FLOURMILL (-4.37%), and GTCO (-2.93%) also dipped in price.
Given the trading pattern, the market breadth closed negative, recording 21 gainers and 22 losers. In terms of sectoral performance, it was largely downbeat as the insurance and consumer goods sectors experienced gains of 2.18% and 0.16% respectively.
The Banking sector dropped by 1.40%, followed by the Oil & Gas sector 1.24% decline while the Industrial sector lost 0.36%. The Insurance and Consumer goods sectors were up by +2.18% and +0.16% respectively.
Overall, the equities market fell by ₦126.13 billion, representing a decline of -0.34%, to close at ₦36.48 trillion from ₦36,61 trillion. #Nigerian Exchange Weakens by Selloffs on Big Tickers CBN Devalues Naira 12.95% despite Rising Foreign Reserves