Stock Market Retreats as Investors Dump BUA Cement, ACCESS
The Nigerian Exchange (NGX) retreated at the beginning of the week as investors took profit after successive rallies. Equities investors opened the week with selloffs on BUA Cement, Access, Japaul Gold, and International Breweries Plc among others.
Equities investors dump JAPAULGOLD, BUACEMENT, VERITASKAP, UNIVINSURE, and CHAMS Data from the local bourse showed that BUACEMENT (-7.76%), ACCESSCORP (-0.29%), INTBREW (-1.11%), and JAPAULGOLD (-9.09%), dragged the NGX ASI 33 bps lower to 70,612.81 points.
The selloffs seen in these stocks masked the price gains recorded in MTNN (+2.56%), ZENITHBANK (+1.36%), OANDO (+7.81%) and GTCO (+0.84%). Nevertheless, market breadth was positive at 1.33x with 24 gainers and 18 losers, according to CardinalStone stock market update.
Despite the bearish sentiment in the market, trading activity showed further improvement with total deals and value increasing by 20.96% and 39.35% to 7,630 trades valued at N7.75 billion.
On the other hand, the total traded volume for the day plummeted by 14.79% to 474.39 million units. On the activity scale, trade volume declined by 14.79% to 474.39 million units while value traded increased by 39.35% to N7.8 billion.
FIDELITYBK was the most traded stock in terms of volume, trading 94.1 million units, which accounted for 19.83% of the total volume.
MTNN led the value chart, trading N2.2 billion, which accounted for 28.75% of the total market turnover. Performance was bearish across sub-sector gauges tracked as three out of the five sub-sector gauges tracked close in the red zone.
The Insurance index slid by 0.09, the Consumer Goods sector went down by 0.02%, and the Industrial Goods index declined by 3.27%, respectively. In contrast, the Banking sector increased by 0.38%, while the Oil and Gas index held steady compared to the previous session.
The Banking index gain was driven by price upticks in ZENITHBANK (+1.36%) and GTCO (+0.84%) and Consumer Goods was down due to the losses recorded in BUACEMENT. Overall, the equities market cap decreased by 0.33% to N38.8 trillion, although the market exhibited more advancing stocks (26) than declining ones (18). AfDB Ready to Disburse $618m to Nigeria For Digital and Creative Enterprises