Selloffs in GTCO, Nestle Drag NGX Down By N36bn

Selloffs in GTCO, Nestle Drag NGX Down By N36bn

Selloffs on shares of GTCO, and Nestle Nigeria among others drag the Nigerian Exchange (NGX) lower by N36 billion, according to the record of transactions conducted in the local bourse on Thursday.

The Nigerian equity market closed trading activities for today bearish, reversing the previous day’s positive sentiment; causing stock market performance indicators to drop by -0.10%.

Consequent to profit takings seen in bellwethers, year-to-date return moderated to 31.41%, well ahead of an annual inflation rate of 24.08% reported in July 2023.

Data from the domestic bourse showed that the Nigerian Exchange All Share index nosedived by 66.67 basis points today, representing a decrease of -0.10% to close at 67,347.73 points.

However, market activities surged despite selloffs in growth, and value stocks ahead of headline August inflation data release. According to NGX trading records, total volume and total value traded for the day increased by +38.43% and +62.93% respectively.

Atlass Portfolios Limited told investors in an email that approximately 788.54 million units valued at ₦14,169.81 million were transacted in 8,810 deals.

UBA was the most traded stock in terms of volume, accounting for 38.19% of the total volume of trades. The Pan African lender was followed by STERLINGNG (10.46%), CHIPLC (5.84%), OANDO (4.66%), and FIDELITYBK (3.98%) to complete the top 5 on the volume chart.

Also, UBA was the most traded stock in value terms, with 34.53% of the total value of trades on the exchange. CHELLARAM topped the advancers’ chart for today with a price appreciation of 10.00 per cent.

The company was trailed by LEARNAFRCA (9.97%), ACADEMY (+9.94%), CHIPLC (+9.52%), COURTVILLE (+9.26%), and twenty-one others. The market has been swinging both ways following FTSE Russell downgrade of the Nigerian Index, citing inability of foreign investors to repatriate e US dollar offshore.

Twenty-five stocks depreciated, where ETRANSACT was the top loser, with a price depreciation of 10.00% to close at ₦7.20. ABCTRANS (-9.78%), FCMB (-5.49%), TRANSCORP (-4.69%), GTCO (-2.96%), and NESTLE (-2.38%) also dipped in price.

Given the trading pattern observed in the local exchange today, the market breadth closed marginally positive, recording 26 gainers and 25 losers. Stockbrokers at Atlass Portfolios Limited said market sector performance closed positive, as three of the five major market sectors advanced.

This was led Banking sector which grew by (+0.68%), followed by the Insurance sector, recording a 0.51% daily gain while the industrial sector popped up by 0.09%. The Consumer goods sector was down by -0.28%, while the Oil & Gas sector closed unchanged.

Overall, equities market capitalisation went down by ₦36.49 billion, representing a decline of -0.10%, to close at ₦36,859.89 trillion from ₦36,896.38 trillion yesterday. #Selloffs in GTCO, Nestle Drag NGX Down By N36bn Naira Devaluation Deepens Economic Crisis in Nigeria