Nigerian Bourse Drops N168bn as Investors Dump FBNH

The equities market capitalisation of the Nigerian Exchange on Wednesday declined by N168 billion, or 0.28 percent, following profit-taking by investors. The local bourse extended yesterday’s losses as investors sold off FBNH (-9.9%). 

In particular, the market capitalisation of listed stocks fell from N59.115 trillion at the start of the day to N58.947 trillion. Similarly, the All-Share Index, which measures the performance of listed equities, dropped by 0.28 percent, or 297 points, to close at 104,256.81 from 104,553.31 recorded on Tuesday.

Consequently, the year-to-date return slipped by 39.43 percent. The market downtown was driven by price depreciation in large and medium-capitalised stocks such as Secure Electronic Technology (NSLTECH), The Initiative, FBN Holdings (FBNH), Vitafoam and Berger Paints

However, market breadth closed positive with 29 gainers and 24 losers on the trading floor. At N8.80 and N6.05 per share, respectively, NEM Insurance and Computer Warehouse Group closed at the top of the gainer’s chart by 10% each.

International Energy Insurance saw a 9.85% increase to close at N1.45%, while Juli Plc saw a 9.98% increase to close at N6.50. Also, Thomas Wyatt Nigeria rose by 9.55 percent to close at N2.18 per share. On the loser’s chart, NSLTECH and The Initiative led in percentage terms of 10 each to close at 54k and N2.16 per share, respectively.

Vitafoam Nigeria Plc lagged behind by 9.88 percent to close at N19.15 per share, while FBNH followed closely at 9.90 percent to close at N39.60. Berger Paints lost 9.80 percent to close at N15.65 per share.

Meanwhile, analysis of market activities indicates that trade turnover settled lower relative to the previous session, with the value of transactions down by 9.92 percent. A total of 298.65 million shares valued at N6.84 billion were exchanged in 8,248 deals, compared to 307.01 million shares valued at N7.59 billion exchanged in 9,548 deals posted previously.

With 38.76 million shares traded for a value of N1.56 billion, FBNH led the activity chart in both the volume and value charts. Next in line were the United Bank of Africa (UBA), with 29.08 million shares valued at N762.77 million.

Transcorp sold 26.29 million shares worth N362.54 million, while Fidelity Bank traded 18.16 million shares valued at N185.06 million. AccessCorp transacted 17.97 million, valued at N413.02 million. Today, market sentiment was positive (1.3x), as 28 tickers gained relative to 22 losers. 

Performance across the sectors was mixed, as the Insurance (+2.1%), Oil & Gas (+0.2%), and Consumer Goods (+0.1%) indices posted gains while the Banking (-1.8%) index declined. Meanwhile, the Industrial Goods Index closed flat. #Nigerian Bourse Drops N168bn as Investors Dump FBNH Reps Extend 2023 Supplementary Budget Implementation by 2 Months

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