FBNH, GTCO, 25 Others Drag NGX Down by N49bn
Selloffs on FBNH, GTCO and Lafarge WAPCO are among the decliners on the Nigerian Exchange (NGX) that dragged the local bourse downward by more than N49 billion.
The local bourse bled deep last week, lost more than N103 billion as selloffs on banking, insurance stocks halted the previous week momentum.
Today, key performance indicators declined by -0.09%. Stockbrokers said the downturn was primarily driven by profit-taking in medium and large-cap stocks.
Major decliners include FBNH, WAPCO, GTCO, and others, resulting in ₦49 billion reduction in investor wealth, Atlass Portfolios Limited said in a market update.
At the close of the trading session, the market index or All-Share Index nosedived by 86.67 basis points to close at 99,656.38.
However, market activities improved, according to data obtained from the Nigerian Exchange. Total volume and total value traded for also increased by +57.74% and +70.24% respectively.
Stockbrokers said approximately 973.62 million units valued at ₦19,315.06 million were transacted in 9,941 deals on the Nigerian bourse on Monday.
FBNH was the most traded stock in terms of volume, accounting for 64.51% of the total volume of trades, followed by BETAGLAS (3.67%), VERITASKAP (3.63%), CHAMS (2.69%), and AIICO (2.50%).
Also, FBNH was also the most traded stock in value terms, with 69.66% of the total value of trades on the exchange. NSLTECH topped the advancers’ with a price appreciation of 10.00 percent. The top riser was trailed by VFDGROUP which gained +9.85%.
Other gainers include: JOHNHOLT (+9.58%), THOMASWY (+9.52%), TRANSCOHOT (+9.33%), SOVRENINS (+8.89%), and fourteen others.
Twenty-five stocks depreciated, according to data from the Nigerian Exchange. INTBREW was the top loser, with a price depreciation of -10.00%.
Other decliners are BETAGLAS (-8.62%), OANDO (-7.36%), UNITYBNK (-6.25%), FBNH (-5.44%), and DANGSUGAR (-4.15%). Stockbrokers said the market breadth closed negative, recording 20 gainers and 25 losers.
On the other hand, the market sector performance was negative, as three of the five major market sectors went down.
The banking sector dropped by 1.04%, followed by the consumer goods sector which lost -0.44% while the Industrial sector shed 0.17%. The insurance index grew by +1.05%, while the oil & gas sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange dipped by ₦49.03 billion to close at ₦56.37 trillion. #FBNH, GTCO, 25 Others Drag NGX Down by N49bn
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