Stock Market Sheds Weight as Investors Trade Exits
Nigerian stock market sheds weight, dropped off about N112.3 billion on Thursday amidst sustained selling rallies that have lasted for third trading sessions consecutively as investors trade exits.
Consequently, Nigerian Exchange performance indicators plunged by 0.51 per cent following sell-off in 33 stocks amidst MTN Nigeria offer for a subscription to retail investors priced at N169.
Today, the Nigeria Exchange All-Share Index tanked by 215.18 basis points, representing a decline of 0.51 per cent to close at 42,247.98 points. The selling rallies moderated stock market returns, both month and year to date returns declined for the third trading session.
Hence, market capitalisation lost ₦112.27 billion to close at ₦22.04 trillion. Data from the Nigerian Exchange trading activities remain mixed as the total volume traded declined by 3.42 per cent.
Also, the total value traded rose by 49.02 per cent. A total of 324.02 million units valued at ₦5.29 billion were transacted in 4,706 deals. FBNH maintained the led as the traded stock in terms of volume, accounting for 35.02 per cent of the total volume of trades.
This was followed closely by GTCO (10.34%), ACCESS (5.86%), TRANSCORP (5.60%), and ZENITH BANK (4.50%) to complete the top five on the volume chart.
Also, FBNH emerged as the most traded stock in value terms, with 25.43 per cent of the total value of trades on the exchange.
Of the traded stocks today, MEYER appeared as the most profitable stock to lead the advancers’ chart with a price appreciation of 10.00 per cent.
The ticker was trailed by JAPAULOLD (5.26%), MBENEFIT (4.00%), TRANSCORP (3.13%), UBN (1.10%), AFRIPRUD (0.83%), STERLNBANK (0.68%), FBNH (0.42%), NB (0.32%) and eight (8) others.
On the flipside, 33 stocks see their prices depreciated, topped by BOCGAS with a price depreciation of 10.00 per cent to close at ₦9.45.
On the decliner chart, SEPLAT dropped off 6.47%, LIVESTOCK sheds 3.85%, HONYFLOUR tumbled 3.74%, OANDO declined 3.56% and STANBIC lost 2.63% of its share price.
Other losers are ETI (-2.44%), WAPCO (-1.80%), UBA (-1.25%), NGXGROUP (-1.18%), MTNN (-1.05%), UCAP (-1.03%), CUSTODIAN (-0.65%) and GTCO (-0.41%).
The market breadth closed largely negative, recording 17 gainers and 33 losers. The sector performance was negative, as four of the five major sectors closed negatively.
The decline was led by the Oil & Gas (-3.51%), Insurance (-2.24%), Banking (-1.18%) and Industrial Goods (-0.10%), barring the Consumer Goods (0.08%) sector that grew as against the previous session. Stock Market Sheds Weight as Investors Trade Exits