Zenith, Nestle Selloffs Drag NGX Down by N171bn
Selloffs in Zenith Bank and Nestle Nigeria plc dragged the Nigerian Exchange (NGX) downward by more than N171 billion on Tuesday, according to trading results.
The market closed trading activities on a bearish note, extending its losing streak to six consecutive trading days. Key performance indicators dropped by -0.31% due to profit taking activities, much of which were seen in banking index.
The All-Share Index fell by 301.50 basis points, representing a decrease of -0.31% to close at 97,830.65, data from the Nigerian Exchange showed.
Stockbrokers said the market’s downward trend continued with sell-offs in some medium and large-scale stocks. Today’s decliners include Zenith Bank NESTLE, UBA, FTNCOCOA, and others.
However, market activities ended on a mixed note, stockbrokers said in an emailed note to investors. Total volume traded for the day increased by +5.34%, while the total value traded dropped by -8.11%.
Atlass Portfolios Limited told investors in a note that approximately 399.39 million units valued at ₦8,000.96 million were transacted across 10,447 deals.
ZENITHBANK was the most traded stock in terms of volume, accounting for 11.09% of the total volume of trades. The bank was followed by PRESTIGE (8.93%), UBA (6.84%), VERITASKAP (6.43%), and UCAP (5.75%)
Due to its large market cap, ZENITHBANK also emerged as the most traded stock in value terms, with 18.88% of the total value of trades on the exchange.
ABCTRANS topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by OANDO which popped up by +9.84%.
Other gainers include IKEJAHOTEL (+9.70%), RTBRISCOE (+9.59%), PRESCO (+7.83%), ETERNA (+6.74%), and twelve others. Thirty-seven stocks depreciated, according to data from the local bourse.
UCAP was the top loser, with a price depreciation of -9.92%. Other losers include NESTLE (-9.78%), AFRIPRUD (-9.57%), STERLINGNG (-7.50%), UBA (-5.26%), and GUINNESS (-4.72%).
Zenith Bank lost 2.03% of its market value after notice of public offer, rights issue. At the end of the trading session, the market breadth closed negative, recording 18 gainers and 37 losers. The sectoral performance was also negative, as three of the five major market sectors went down.
The consumer goods sector declined by -2.08%, followed by the Banking sector which dipped by 1.73% while the Insurance sector lost -0.82%. However, the Oil & Gas sector grew by +0.35%.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦171.18 billion, representing a drop of -0.31%, to close at ₦55.55 trillion on Tuesday ahead of national protest. #Zenith, Nestle Selloffs Drag NGX Down by N171bn
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