Transcorp Power, Access Holdings Selloffs Drag NGX Index Lower
The Nigerian Exchange (NGX) All-Share Index (ASI) fell due to sell pressure in mid- and large-cap stocks, including Access Holdings (-7.53%), Transcorp Power (-10%), Oando (-4.25%) and BUA Cement (-2.47%).
The stock market opened trading activities for the week in negative territory, as key market performance indicators declined by 0.05%. Stockbrokers said investors took profit in recently appreciated mid-cap and blue-chip stocks across major sectors.
Notable decliners were ACCESSCORP, TRANSPOWER, BUACEMENT, OANDO, among others. Specifically, the market index fell by -118.66 basis points in today’s trading session, indicating a -0.05% decline to close at 247,238.74.
Also, the stock market capitalisation declined by ₦76.56 billion, representing a decline of -0.05%, settling at ₦159.51 trillion. Based on NGX trading records, total volume and the total value of all trades executed in the local bourse increased by +3.81% and +73.60%, respectively.
In its note, Atlass Portfolio Limited told investors that approximately 637.96 million units valued at ₦57,201.71 million were transacted across 71,240 deals.
ACCESSCORP drove volume, accounting for 7.83% of units traded in the market, followed by FCMB (6.64%), FIRSTHOLDCO (5.63%), CHAMPION (5.46%), and ZENITHBANK with 4.19%.
ARADEL topped the value chart, accounting for 14.39% of the total value of all trades transacted, thereby making it the highest traded on the exchange.
CNIF led the gainer chart, up by +9.95%, then trailed by THOMASWY (+9.92%), LASACO (+9.89%), CMFC (+9.18%), CHAMS (+7.78%), NGXGROUP (+6.96%), and twenty-one others.
A total of thirty-two stocks depreciated. With a price depreciation of -10.00% each, SUNUASSUR and TRANSPOWER topped the worst performers’ chart, followed by INTBREW (-9.85%), NEIMETH (-9.78%), AUSTINLAZ (-9.64%), FIDSON (-9.00%), and NEM (-8.52%).
Hence, the market breadth closed on a negative note, as there were 27 gainers and 32 losers. Sectoral performance was negative today as four of the five major market sectors declined.
The Insurance sector led the decline by -1.69%, followed by the Consumer goods sector (-1.07%), the Oil & Gas sector (-0.14%), and the Industrial goods sector (-0.06%). Only the Banking sector increased by +0.78%. Interbank Rates Diverge as Financial System Liquidity Declines
