Investors Lose N80bn over Sell Side Activities in Equities Market

The equities market capitalisation of the Nigerian Exchange (NGX) declined by more than N80 billion due to selloffs in bellwether stocks.

The bears continued to dominate the local bourse as the All-Share Index dipped by 0.1% to close at 97,248.82 points. Due to profit taking, year-to-date returns moderated to 30.1% as market anticipates big banks earnings release.

The market has been bleeding for third consecutive trading session on the back of sell-side activities on medium and large-cap stocks. In its market update, Atlass Portfolios Limited said the market has lost ₦762 billion in investors’ wealth over three days.

Activity metrics declined with total value traded in the market declining by 47.38% and 60.62% respectively. Stockbrokers said approximately 315.30 million units valued at ₦5,480.03 million were transacted across 8,365 deals.

VERITASKAP was the most traded stock in terms of volume, accounting for 12.20% of the total volume of traded today.  Other volume drivers include GTCO (11.54%), UNIVINSURE (7.37%), OANDO (7.01%), and FBNH (6.44%) to complete the top 5 on the volume chart

GTCO emerged as the most traded stock in value terms, accounting for 30.36% of the total value of traded on the exchange.  GUINEAINS topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by RTBRISCOE which gained 9.87%.

Other gainers HONYFLOUR (+9.87%), NSLTECH (+7.14%), LINKASSURE (+7.06%), DEAPCAP (+6.67%), and fifteen others.

Twenty-five stocks depreciated, where OANDO was the top loser, with a price depreciation of -9.95%. Other decliners include CUTIX (-9.92%), JAPAULGOLD (-7.89%), REDSTAREX (-6.98%), NEIMETH (-5.69%), and TRANSCORP (-2.23%).

At the end of the trading session on Wednesday, the market breadth closed negative, recording 21 gainers and 25 losers. Similar to overall market performance, sentiments were bearish across all five sectors reported.

The Insurance (-0.90%), Banking (-0.30%), Oil and Gas (-0.17%), Consumer Goods (-0.17%), and Industrial Goods (-0.02%) sectors all closed negative, driven by selloffs in NEM (-6.21%), FIDELITYBK (-1.95%), OANDO (-9.95%), NB (-4.52%), and CUTIX (-9.92%), respectively.

Overall, the market capitalisation of the Nigerian Exchange fell by ₦80.16 billion to close at ₦55.22. #Investors Lose N80bn over Sell Side Activities in Equities Market

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