Oando, Wema Bank Drag NGX Index Lower, Investors Lose N104bn
Sell pressure in Oando, Wema Bank, and other decliners dragged the Nigerian Exchange (NGX) All-Share Index (ASI) down by 7 basis points on Thursday, stockbrokers said in separate reports.
The Nigerian equity market ended Thursday in negative territory, with key market performance indicators down 0.07%.
The moderation in key indices reflected continued bearish sentiment, with sell-offs in mid-cap and blue-chip stocks including Oando (4.17%), Wema Bank (3.3%), GTCO (0.33%), among others.
The market index fell by -159.55 basis points in today’s trading session to close at 244,956.94. Market capitalisation also fell by ₦103.60 billion to close at ₦159.05 trillion.
Conversely, total trade volume rose by 1.87%, while total value traded declined by 13.91%. Traders transacted about 360.75 million units, valued at ₦20,320.41 million, across 31,401 deals.
By volume, LIVESTOCK generated 11.41% and was the most traded, followed by ZENITHBANK (9.41%), GTCO (5.84%), JAIZBANK (5.35%), and NSLTECH (5.12%).
ARADEL topped the value chart, accounting for 21.43% of total trade value and making it the exchange’s highest-traded stock.
AVACAP led the gainers chart, up 9.85%, followed by PZ (+8.58%), TANTALIZER (+5.85%), INTENEGINS (+5.42%), VFDGROUP (+3.59%), CONHALLPLC (+2.92%), and ten others.
Twenty-two stocks depreciated. THOMASWY led the losers, down 10.00%, followed by AUSTINLAZ (-8.81%), NSLTECH (-6.85%), UPDC (-6.49%), CORNERST (-6.12%), and VERITASKAP (-5.26%).
Hence, market breadth closed negative, with 16 gainers and 22 losers. Sectoral performance was negative today, with four of the five major market sectors declining.
The Insurance sector shed 0.54%, followed by Consumer goods (-0.30%), Banking (-0.16%), and Oil & Gas (-0.11%). Only the Industrial goods sector appreciated by +0.10%.
