Profits Mining in Aradel, Oando Drag NGX Indicators Lower
Equity investors mined profits from selling their shares in Oando and Aradel Holdings, among others, as losses in the Nigerian stock market extended to eight days.
The Nigerian Exchange (NGX) All-Share Index (ASI) continued its downward trend, recording a further decline of 0.30% and shedding 712.67 basis points to close at 240,037.47 basis points.
The bearish stock market performance on Thursday was driven by losses in ARADEL (-5.40%), UBA (-2.17%), ZENITHBANK (-0.48%), and OANDO (-3.68%).
Hence, the year-to-date return moderated to 54.25%, stockbrokers said, still significantly higher than the country’s average inflation rate.
Market breadth stood at 0.48x, with 14 gainers and 29 losers. The gainers list was led by HMCALL (9.38%), TRANSEXPR (8.90%), and MCNICHOLS (8.33%), while the losers list was topped by INTENEGINS (-9.85%), WAPIC (-9.84%), and FTGINSURE (-9.76%).
Activity metrics diverged: total volume traded jumped 141.92% to 2.9 billion units, while total value traded fell 5.58% to N30.7 billion.
Today’s surge in trading volume stemmed from significant activity in FTGINSURE, where 2.6 billion units (representing 89.06% of total units traded) changed hands. Meanwhile, ARADEL dominated the value log, accounting for N6.2 billion (20.30% of total value traded).
Overall sectoral performance was bearish, as four sectors closed lower at the end of today’s session. The Oil & Gas (-2.49%) and Commodities (-1.60%) indices led the laggards, both dragged down by continued sell pressure in ARADEL (-5.40%).
The Insurance (-0.79%) and Banking (-0.41%) indices followed, weighed down by losses in WAPIC (-9.84%) and UBA (-2.17%), respectively. However, the Consumer Goods (+0.10%) index rose marginally on the back of gains in NB (+1.23%). SEC Sets 5 p.m. T+1 Settlement Deadline
