Stock Market Lost N102bn as Investors Dump Dangote, Jaiz Bank
Selloffs in Dangote Sugar Refinery, Jaiz Bank, and other decliners dragged the Nigerian Exchange (NGX) market capitalisation down by about N102 billion on Wednesday.
The local exchange closed the trading session on a negative note as the All-share index (ASI) and market capitalisation declined by 0.08% to settle at 196,463.22 points and N126.1 trillion, respectively.
Stockbrokers said the turnout was driven by declines in DANGSUGAR (-10.00%), JAIZBANK (-10.00%), ETI (-4.46%), and INTBREW (-1.64%), which offset gains in MTNN (+1.28%) and UACN (+7.78%).
Market breadth, reflecting overall market sentiment, closed softer in the session at 0.61x, with 36 losers outstripping 22 gainers.
Overall, PREMPAINTS (+10.00%), FTGINSURE (+9.73%), and UACN (+7.78%) were the best performers, while DANGSUGAR (-10.00%), JAIZBANK (-10.00%), and CAP (-9.97%) led the laggards.
Trading activity metrics declined, with total volume traded down 8.5% to 805.3 million units and total value traded down 13.7% to N38.4 billion.
Notably, VERITASKAP topped the volume chart with 56.4 million units (7.0% of volume traded), while MTNN topped the value chart with N7.1 billion (18.4% of value traded).
Stockbrokers said sectoral performance was largely bearish. The Consumer Goods (-0.86%) index led the negative charge, dragged lower by selloffs in DANGSUGAR (-10.00%), following the release of its audited financial statements.
The Banking (-0.45%), Industrial Goods (-0.03%), and Oil & Gas (-0.03%) indices followed suit, due to negative sentiments in ETI (-4.46%), CAP (-9.97%), and OANDO (-0.50%), respectively.
On the flip side, the Insurance (+0.33%) index was buoyed by interest in NEM (+2.10%), while the Commodity Index closed flat. #Stock Market Lost N102bn as Investors Dump Dangote, Jaiz Bank
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