Stocks Drop Big as Nigerian Exchange Takes another Sell-Offs Jab

Stocks Drop Big as Nigerian Exchange Takes another Sell-Offs Jab

Buckets of listed Stocks drop big Thursday as Nigerian Exchange (NGX) takes another sell-offs jab which further extend negative market return amidst the ongoing corrections.

After trading negative for two days straight, the local bourse maintained a downtrend with the All-Share index declining 81 basis points (bps) to close at 39,114.73 points.

Today’s stock depreciation came following price declines in MTNN 4.7% drop in stock value, DANGCEM lost 2.5% while FCMB stock plunged 5.8%.

Consequently, year to date loss worsened to -2.9% while market capitalisation fell ₦167.1 billion to ₦20.5 trillion.

Market data showed that generally, trading activity improved as volume and value traded rose 15.4% and 37.4% to 403.5 million units and ₦4.8 billion respectively.

The most traded stocks by volume were ACCESS (105.9 million units), NEM (38.7 million units) and FBNH (35.4 million units) while ACCESS (₦844.2 million), ZENITH (₦641.8 million), and MTNN (₦547.5 million) led by value.

Positive Sector Performance

Afrinvest in a report said performance across sectors under its coverage was bullish as 4 out 6 sector indices closed in the green, gained.

The AFR-ICT and Industrial Goods indices declined 2.3% and 1.2% respectively on the back of sell-offs in MTNN (-4.7%) and DANGCEM (-2.5%).

On the flip side, the Oil & Gas index led gainers following a strong stock appreciation in SEPLAT (+10.0%) and TOTAL (+4.5%).

Similarly, the Banking, Consumer Goods and Insurance indices gained 1.6%, 0.3%, and 0.2% respectively due to price appreciation in ZENITH (+3.1%), DANGSUGAR (+2.0%), and AIICO (+4.9%).

Investor Sentiment Strengthens

Investor sentiment as measured by market breadth strengthened to 1.3x from the 0.7x recorded in the previous session as 25 stocks advanced while 20 declined.

COURTVILLE (+10.0%), CONOIL (+10.0%) and SEPLAT (+10.0%) were the top gainers, while BOCGAS (-10.0%), LIVESTOCK (-9.9%) and SCOA (-9.7%) top the decliners table.

Stocks Traders Lost N193 Billion as Sell-Offs Persist

“We expect the market to close in the red for the week”, Afrinvest said.

Stocks Drop Big as Nigerian Exchange Takes another Sell-Offs Jab

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