Stock Exchange Edges Lower as Investors Lost N126.9 Billion
The Nigerian Exchange, NGX, edges lower on Monday as equity investors lost N126.9 billion in the first trading session amidst week-packed corporate earnings releases.
Last week, the stock market recorded rallies in four out of five trading sessions as investors’ position for interim dividends. Market data shows that the All-share index, ASI, declines by 0.63 per cent and while market capitalisation tumbles 0.62 per cent.
There was price depreciation in tickers such as DANGCEM, ZENITH BANK, OANDO, FLOUR MILLS, TRANSCORP, WEMA, STERLNBANK, MBENEFIT, CORNERST, CHIPLC, UNILEVER, UPL, and LINKASSURE.
However, stock market breadth closed positive with 20 gainers versus 18 losers.
Also, market activities closed with the volume of stocks traded on the exchange appreciating by 16.19, while the value of stocks traded on the exchange declined 39.02 per cent.
A total of 194.94 million units of shares valued at N1.01 billion, were traded in 3,830 deals.
WEMA led the volume chart, accounting for 13.22 per cent of the total volume of trades, followed by ELLAHLAKES (12.84%) FIDELITYBK (8.28%) CHIPLC (6.39%), and FCMB (4.86%) to complete the top five on the volume chart.
ELLAHLAKES led the value chart accounting for 10.49 per cent of the total value of trade on the exchange.
NNFM, SKYAVN, ACADEMY topped the gainers’ chart, with their share prices advancing by 9.76 per cent, 9.18 per cent, and 7.89 per cent, respectively.
Meanwhile, UPL led the losers’ table with its share price depreciating by 9.79 per cent to close at N1.29 after opening the day at N1.43.
Afrinvest said performance across sectors under its coverage was mixed as 3 indices gained while 3 lost. The Oil & Gas index led the gainers, up 1.0% driven by buying interest in OANDO (+3.1%) and CONOIL (+9.8%).
Similarly, the Consumer Goods and AFR-ICT indices rose slightly by 3bps apiece, due to price appreciation in DANGSUGAR (+1.7%), VITAFOAM (+2.7%), and MTNN (+0.1%).
Conversely, the Industrial Goods index was the biggest loser, down 1.8% on the back of sell-off in DANGCEM (-3.3%).
Similarly, the Insurance and Banking indices declined by 0.6% and 5 basis points respectively, as a result of profit-taking in LINKASSURE (-7.8%), MBENEFIT (-2.7%), WEMABANK (-3.5%), and STERLNBANK (-0.7%).
“In the next trading session, we expect that the bearish sentiment would be sustained, given the absence of any positive driver”, analysts said.
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Stock Exchange Edges Lower as Investors Lost N126.9 Billion
