Equities Investors Lose N32bn as Zenith Bank, NB Plunge
The equities market capitalisation of the Nigerian Exchange (NGX) spiraled downward by more than N32 billion on Wednesday over sell pressures on Zenith Bank, Nigeria Breweries, among others.
Trading activities in the Lagos Exchange ended on negative note, stretching its losing streak to seven successive trading days. Key performance indicators dropped by -0.06% as investors exited their positions in banking and consumer good tickers amidst earnings festival in the market
According to data from the NGX, the All-Share Index fell by 56.43 basis points today, representing a decrease of -0.06% to close at 97,774.22.
The bourse downturn was a result of sell-offs in some medium and large-scale stocks, according to Atlass Portfolios Limited, which said investors wealth has dropped by ₦1.43 trillion over seven days.
Despite the bearish mood, market activities inched higher as the total volume and total value traded for the day increased by +360.25% and +188.89% respectively. Stockbrokers said approximately 1,838.18 million units valued at ₦23,113.69 million were transacted across 10,847 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 72.43% of the total volume of traded on the platform. Other volume drivers include ZENITHBANK (4.57%), VERITASKAP (2.47%), OANDO (2.35%), and UBA (1.92%).
FIDELITYBK also emerged as the most traded stock in value terms, accounting for 60.76% of the total value of trades on the exchange. IMG, UPL and VERITASKAP topped the advancers’ chart with a price appreciation of 10.00 percent each.
The top gainers were trailed by CORNERST, which gained +9.63%. Other gainers include ACADEMY (+9.50%), NEIMETH (+7.73%), FTNCOCOA (+7.14%), UACN (+6.65%), and nineteen others.
In total, twenty-eight stocks depreciated, according to market report released by stockbrokers and firms. CUTIX, BERGER, and NAHCO were the top losers, with a price depreciation of -10.00% each. Other decliners include NB (-9.82%), AFRIPRUD (-9.52%), NASCON (-8.81%), UNILEVER (-6.13%), and ZENITHBANK (- 2.22%).
At the close of trading session, the market breadth closed negative, recording 17 gainers and 28 losers. Sectoral performance was positive, as three of the five major market sectors closed in green.
The insurance sector grew by +1.46% followed by the banking sector which rose by +0.57% while the Oil & Gas sector popped up by +0.04%. On the other hand, the Consumer goods and Industrial sectors dropped by -0.76% and -0.02% accordingly.
Overall, the equities market capitalization of the Nigerian Exchange declined by ₦32.04 billion, representing a drop of -0.06%, to close at ₦55.51. #Equities Investors Lose N32bn as Zenith Bank, NB Plunge Access Holdings Rated Buy on 56% Upside PotentialThe post Equities Investors Lose N32bn as Zenith Bank, NB Plunge appeared first on MarketForces Africa.