NGX Sheds N2bn as Lightweight Stocks Plunge

Equities investors lost more than N2 billion midweek on the Nigerian Exchange (NGX). The decline in market capitalisation followed sell pressures in banking names, and others.

Key performance indicators were flat due to slight drop in equities market valuation of all listed stocks.  Data from the Nigerian Exchange showed the All share index declined while year to date return moderated ahead of inflation data.

Atlass Portfolios Limited said in its market update that marginal decline in the market was as a result of cautious trading across the major market sectors Stockbrokers said investors’ wealth has dropped by ₦124 billion in three days.

Due to bearish trading session, the market index reduced by 3.87 basis points, representing a slight decrease of -0.004% to close at 99,802.08.

However, market activities were mixed, according to data from the Exchange. Total volume traded for the day increased by +121.24%, while the total value dropped by -78.06%.

According to trading results from the local bourse, approximately 935.15 million units valued at ₦11,839.83 million were transacted across 8,160 deals.

FIDELITYBK was the most traded stock in terms of volume, accounting for 74.71% of the total volume of trades. The tier-2 bank was followed by ZENITHBANK (3.89%), UBA (2.82%), GTCO (1.55%), and VERITASKAP (1.49%) to complete the top 5 on the volume chart.

The volume driver, FIDELITYBK, also emerged as also the most traded stock in value terms, with 61.43% 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 ETERNA with (+9.88%) growth, LIVESTOCK (+9.63%), VITAFOAM (+9.44%), REDSTAREX (+8.98%), RTBRISCOE (+7.69%), and twenty others.

NGX market update showed that twenty-two stocks depreciated as investors’ book profit ahead of earnings release.  THOMASWY was the top loser, with a price depreciation of -10.00%.

Other decliners include DAARCOMM (-8.77%), ROYALEX (-4.11%), WEMABANK (-3.57%), JAPAULGOLD (-2.53%), and UBA (-1.30%).  Despite the fact that investors were in selling mood, the market breadth closed positive, recording 26 gainers and 22 losers.

In addition, the market sector performance was positive, as three of the five major market sectors advanced.  The oil and gas sector grew by +0.37%, followed by the Consumer goods sector which gained +0.34% while the Industrial sector popped up +0.02%.

The Banking and Insurance sectors were down by -0.39% and -0.18% respectively. Overall, the equities market capitalisation declined by ₦2.18 billion to close at ₦56.46 trillion. #NGX Sheds N2bn as Lightweight Stocks Plunge

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