Equities Investors Lose N165bn to Bears Show on NGX

The size of the Nigerian stock market was reduced by more than N165 billion due to a negative twist in investors’ mood. Bears and bulls have been sharing days on equal footing as investors continue to look for healthy investment options across the markets.

Reversing the uptick seen on Wednesday, key performance indicators plunged by 0.12% as the Nigerian equity market closed trading activities for today negative.

Stockbrokers said cautious trading was witnessed across the local market, as investors continued to cherry-pick stocks with good fundamentals and low prices.

Hence, the market index or All-Share Index decreased by 123.28 basis points today, representing a drop of -0.12% to close at 101,239.10.

Given the trading direction, market activities went south. Total volume and total value traded for the day were reduced by -16.43% and -24.54% respectively.

In its market update, Atlass Portfolios Limited told investors that approximately 253 million units valued at ₦4,944.27 million were transacted in 7,248 deals.

FBNH was the most traded stock in terms of volume, accounting for 12.61% of the total volume of trades. The elephant brand financial services group was followed by UBA (8.82%), ACCESSCORP (5.74%), PRESTIGE (5.38%), and ZENITHBANK (4.97%) to complete the top 5 on the volume chart.

Again, FBNH was also the most traded stock in value terms, with 18.57% of the total value of trades on the exchange.

OMATEK and SUNUASSUR topped the advancers’ chart for today with a price appreciation of 10.00 per cent each. These stocks were trailed by JULI with (+9.79%) growth, CAVERTON (+9.52%), NEM (+9.09%), PRESTIGE (+8.77%), REGALINS (+4.55%), and thirteen others.

Twenty-eight stocks depreciated, according to stockbrokers’ reports obtained by MarketForces Africa. DAARCOMM was the top loser, with a price depreciation of -10.00%.

On the loser chart are: WEMABANK (-9.93%), PZ (-9.89%), ACADEMY (-9.84%), MORISON (-9.76%), and UACN (-9.36%).

Data from the Nigerian Exchange revealed that the market breadth closed negative, recording 20 gainers and 28 losers. It was also noted that the market sector performance was negative.

Today, three of the five major market sectors went downward. The Banking sector shrank by -0.44%, followed by the Insurance sector which shed-0.22% while Consumer goods sector fell by 0.08%.

On the positive side, the Industrial sector grew marginally by +0.04%. The Oil & Gas sector closed flat. Overall, the equities market capitalisation of the domestic bourse went down by ₦165.09 billion, representing a decline of -0.12%, to close at ₦55.40 trillion. #Equities Investors Lose N165bn to Bears Show on NGX

Nigeria’s Economic Growth Slows to 2.74%
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