The Nigerian Exchange’s equity market capitalization decreased by N168 billion, or 0.28 percent, on Wednesday as a result of investor profit-taking. Yesterday saw more losses for the local exchange as investors pulled out of FBNH (-9.9%).
In particular, the market capitalization of listed stocks fell, ending the day at N58.947 trillion after starting at N59.115 trillion. In contrast, the All-Share Index, which measures the performance of publicly traded companies, closed at 104,256.81 on Tuesday, a decrease of 297 points, or 0.28 percent, from its peak of 104,553.31 on the previous day.
The return for the year has thus far dropped by 39.43 percent as a result. The primary driver of the market’s loss was the price decreases of major and medium-cap stocks, such as Vitafoam, Berger Paints, FBN Holdings (FBNH), Secure Electronic Technology (NSLTECH), and The Initiative.
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.
