Stock Market Sheds N50.8bn after October Downturn

Stock Market Sheds N50.8bn after October Downturn

The Nigerian stock market opens the new month with about N50 billion decline in the market value of all listed companies’ shares, according to trading data from the local bourse.

Today, profit-taking activities continue after a dirty October where the equities segment records losses running into trillions of naira. Thus, year-to-date return moderated to 2.4% amidst a hot red inflation rate.

In October, the Nigerian Exchange market movers were the major drivers of a downturn that greeted the market amidst interest rate hikes that necessitated upward yield repricing in the fixed income segment.

As bears continued to run riots in the equities, key market performance indicators declined by 0.21%. Consequently, the Nigerian Exchange plunged 93.35 basis points to close at 43,745.73.

Airtel Africa, Dangote Cement and other heavyweights have recorded a large decline. Thus, market capitalisation lost ₦49.46 billion to close at ₦23.83 trillion from ₦23.88 trillion yesterday.

In its market report, stockbrokers at Atlass Portfolios Limited noted that market activities were up as the total volume and total value traded for the day rose by 7.43% and 15.68% accordingly.

Approximately 172.87 million units valued at ₦4.014 billion were transacted in 4,110 deals, according to a market report. ACCESSCORP was the most traded stock in terms of volume, accounting for 14.28% of the total volume of trades.

The financial service stock was followed by STERLNBANK (12.71%), TRANSCORP (8.80%), UBA (7.85%), and ZENITH BANK (5.53%) to complete the top 5 on the volume chart.

Meanwhile, SEPLAT was the most traded stock in value terms, with 63.12% of the total value of trades on the exchange today. NAHCO topped the advancers’ chart with a price appreciation of 9.35 percent.

The aviation handling company was trailed by REGALINS (4.35%), UPDC (4.21%), AIICO (3.64%), LASACO (3.57%), and others including BUACEMENT (+2.8%), CUTIX (+1.9%), ACCESSCORP (+1.2%), and JAIZBANK (+1.0%).

Overall, twenty stocks depreciated, topped by JBERGER with a price depreciation of -9.46% to close at ₦23.45.

SEPLAT lost 8.33% of its market price, LINKASSURE went down by 7.69%, UACN dropped off 6.15% and BUAFOODS shed 4.80%. JAPAULGOLD plunged by 3.57% and STANBIC share was priced down by 2.61%.

Trading data indicates that the market breadth closed negative, recording 14 gainers and 20 losers while the sector performance closed negative. READ: CBN Sells N50 Bln OMO Bills at 7%, 8.5% and 10.10%

Stockbrokers said three out of the five major market sectors were down, led by the Oil & Gas sector, which decreased by (- 4.31%), followed by the Consumer goods Sector (-1.58%), and then the Insurance sector (-0.43%).

Moderate bargain hunting helped lift the Industrial and Banking sectors increased by +1.33% and +0.07% respectively. #Stock Market Sheds N50.8bn after October Downturn

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