Stocks Plunge as Nigerian Exchange Extends Bearish Run
Nigerian Exchange

Stocks Plunge as Nigerian Exchange Extends Bearish Run

Market Capitalisation of listed stocks plunge as Nigerian Exchange (NGX) extends bearish while market indices closed negative amidst second quarter earnings season. Some earnings reports are expected this week. Equity analysts believe this would reflate the market performance.

Investors lost N5.8 billion following sustained negative trading activities that saw the All-share index (NGX-ASI) moved southward, down 0.03 per cent to 37,791.03 points.

Consequently, the sustained selloff recorded widened year to date losses to 3.7 per cent as market capitalization printed at N20.21 trillion.

Today, NGX sees price depreciation in major tickers as market breadth remained negative with 18 gainers versus 24 losers.

Data shows that trading activities closed on a downward note with both the volume and value of stocks traded on the exchange declining marginally by 2.29 per cent and 0.86 per cent respectively.

A total of 237.51 million units of shares valued at N1.88 billion, were traded in 4,305 deals.

OANDO led the volume chart, accounting for 18.65 per cent of the total volume of trades, followed by UBA (8.15%) WEMA (6.00%) ACCESS (5.60%), and JAIZBANK (5.18%) to complete the top five on the volume chart.

ZENITH BANK led the value chart accounting for 14.38 per cent of the total value of trade on the exchange.

CAPHOTEL, OANDO, BOCGAS topped the gainers’ chart, with their share prices advancing by 9.85 per cent, 9.81 per cent, and 8.88 per cent, respectively.

Meanwhile, TRIPPLEG led the losers’ table with its share price depreciating by 10.00 per cent to close at N0.90 after opening the day at N1.00.

Afrinvest said performance across sectors under its coverage was mixed as 3 indices gained, 2 indices lost, while the Industrial Goods index remained flat.

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Leading the gainers is the Oil & Gas index, up 1.7% on the back of buying interest in OANDO (+9.8%) and ARDOVA (+1.1%).

In the same vein, the AFR-ICT and Consumer Goods indices rose by 0.1% apiece, due to gains in MTNN (+0.3%), HONYFLOUR (+1.8%), and DANGSUGAR (+1.4%).

On the flip side, the Banking and Insurance indices lost 1.0% and 0.9% respectively, due to sell pressure on ZENITH (-1.6%), ACCESS (-1.1%), CHIPLC (-10.0%), and AIICO (-0.9%).

“In the next trading session, we expect sell pressure to persist as investors adjust their holdings in light of the CBN’s halt of FX supply to BDC”, Afrinvest said.

Stocks Plunge as Nigerian Exchange Extends Bearish Run