Stocks Dip as Large Selloff Halts Nigerian Exchange Upswings
After gaining some N340 billion last week, stocks dip big Monday as large selloff halts Nigerian Exchange upswings with a sizeable loss on record. The local bourse resumed on a negative note as the market performance indicators shed 0.38 per cent to halt the seven successive bullish runs.
The Nigerian Exchange all-share index decline while market capitalisation slowdown big, wiping off about 20% of the previous week gain in a single trading session.
The loss sustained reduced year to date profit to 1.1%. On the short term scale, the month to date return also moderated to 1.2%. Stocks analysts at Atlass Portfolios Limited said the negative sentiment was a result of profit-taking in some recently appreciated stocks such as Nigerian Breweries, BUA cement, Stanbic, GTCO, amongst others.
Consequently, the All-Share Index shed 154.14 basis points, representing a decline of 0.38 per cent to close at 40,714.22 points. Similarly, the equity market capitalisation declined ₦80.32 billion to close at ₦21.22 trillion despite rising numbers of buying alerts from Broadstreet.
Also, data shows that market activities traded negatively, as the total volume and value traded dipped by 42.21 per cent and 11.26 per cent, respectively. A total of 191.31 million units of shares valued at ₦2.59 billion were traded in 4,395 Deals.
However, FBNH outdid the traded stocks in terms of volume, accounting for 12.63 per cent of the total volume of trades, maintaining the position as the most trading stock, followed by ETI (10.11%), CHAMS (9.25%), ZENITH BANK (6.39%), and GTOC (6.33%) to complete the top five on the volume chart.
BUACEMENT appeared as the most traded stock in value terms, with 13.87 per cent of the total value of trades on the exchange, Atlass Portfolios told clients via email.
On the success table, NEM led the gainers’ chart to emerge as the most profitable stock, with price appreciation of 9.95 per cent, trailed by ETI (9.52%), WAPCO (4.93%), CAP (1.03%), AFRIPRUD (0.81%), UCAP (0.55%), ACCESS (0.53%), ZENITH BANK (0.20%) and 9 others.
On the contrary, SOVRENINS led the decliners’ chart as its share price receded by 8.33 percent to close at ₦0.22, as NB (-6.06%), LIVESTOCK (-3.36%), STANBIC (-2.56%), BUACEMENT (-2.50%), GTCO (-2.10%), TRANSCORP (-2.06%), GUINNESS (-1.86%) and FBNH (-1.02%) amongst others also declined in price.
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However, the market breadth closed at par, recording 17 gainers and 17 losers. #Stocks Dip as Large Selloff Halts Nigerian Exchange Upswings
