Stock Market Wobbles as Investors Trade Large Exits
The Nigerian Exchange, NGX, records a large loss from trading activities on Tuesday as equity investors dump more stocks again. Marking the fourth consecutive negative trading session, the equity market sees investors’ fortune decline more than ₦51 billion; year to date return moderated.
The decline follows the persistent sell pressure in all the major market sectors, according to stock traders at Atlass Portfolios Limited. Market data shows that the Nigerian Exchange All-Share Index shed 95.37 basis points representing 0.20 per cent depreciation, to close at 47,156.56.
Consequently, stock market capitalisation tumbled ₦51.40 billion, representing a decline of 0.20 per cent to close at ₦25.41 trillion.
Meanwhile, stockbrokers said the market activities were bullish, as the total volume and value rose by 42.10 per cent and 45.87 per cent, respectively.
Approximately 303.48 million units valued at ₦3.90 billion were transacted in 4,616 deals, Atlass Portfolios said, citing data from the Nigerian Exchange. ACCESS bank maintained the top position as the most traded stock in terms of volume, accounting for 14.55 per cent of the total volume of trades.
The Tier-1 bank stock was followed closely by UBA (13.03%), FIDELITYBK (10.99%), GTCO (9.34%) and ZENITH BANK (9.30%) to complete the top five on the volume chart.
ZENITH BANK remained the most traded stock in value terms, with 19.42 per cent of the total value of trades on the exchange. READ: FBNH, UBA, Sterling Bank Drive NGX Intraday Loss
NPFMCRFBK topped the advancers’ chart with a price appreciation of 9.52 percent, trailed by FCMB (7.94%), FIDELITYBK (3.58%), FBNH (0.84%), UBN (0.82%), CADBURY (0.56%), ACCESS (0.51%), DANGSUGAR (0.32%) and eight (8) others.
On the flip side, twenty-nine (29) stocks depreciated, led by JAPAULGOLD with a price decline of 8.82 per cent to close at ₦0.31 today.
OANDO (-6.75%), ETI (-3.36%), NESTLE (-2.79%), GUINNESS (-2.10%), UBA (-1.94%), HONYFLOUR (-1.64%), WAPCO (-1.25%), UCAP (-1.21%), LIVESTOCK (-1.18%), NGXGROUP (-0.64%), GTCO (-0.57%) and ZENITHBANK (-0.19%) also dipped in price.
Equity investors’ trading pattern caused the market breadth to close largely on a negative note, recording 16 gainers and 29 losers.
Sectoral performance was bearish, as all the five major sectors closed negative compared to the previous session, led by Consumer Goods (-1.55%), Insurance (-1.38%), Oil & Gas (-1.01%), Banking (-0.38%) and Industrial Goods (-0.08%), respectively. #Stock Market Wobbles as Investors Trade Large Exits
