Due to selloffs in Nestle, FBNH, and other stocks, equity investors on the Nigerian Exchange (NGX) floor lost over N200 billion, reversing a positive trending report from earlier in the week.
Market performance indicators thus fell by -0.35%, causing the year-to-date return to lag below the annual inflation rate of 33.20%. The persistently dismal performance of today, according to stockbrokers, may be linked to the recapitalization of the banking sector, the increased yield on fixed income, and economic uncertainty.
Investor wealth lost over ₦200 billion as a result of key equities including NESTLE, FBNH, ACCESSCORP, and others that drove the market lower. Equities market index or All-Share Index decreased by 353.51 basis points today, representing a decline of -0.35% to close at 99,311.54, according to Atlass Portfolios Limited.
However, market activities edged higher, data from the Nigerian Exchange revealed. Total volume and total value traded on Tuesday increased by +87.34% and +47.95% respectively.
Citing data from the Lagos bourse, stockbrokers said approximately 574.43 million units valued at ₦7,842.52 million were transacted in 7,324 deals.
TRANSCORP was the most traded stock in terms of volume. Transaction on the company accounted for 27.73% of the total volume of trades. It was followed by UBA which accounted for 12.24% of volume traded today.
Other volume drivers include: ACCESSCORP (11.36%), UNIVINSURE (11.22%), and TIP (7.84%) to complete the top 5 on the volume chart.
TRANSCORP was also the most traded stock in value terms, with 26.14% of the total value of trades on the exchange, according to information obtained from the domestic bourse.
SUNUASSUR topped the advancers’ chart with a price appreciation of 10.00 percent. The company was trailed by JAPAULGOLD which gained +9.84%. Other gainers include: CAP (+9.38%), OMATEK (+9.21%), PRESTIGE (+9.09%), CHAMPION (+8.24%), and ten others.
Following sustained risk off sentiment, twenty-five stocks depreciated; data from the domestic bourse showed. HONYFLOUR was the top loser, with a price depreciation of -9.89%.
Other loser are: FBNH (-9.88%), OANDO (-9.82%), FTNCOCOA (-9.40%), NESTLE (-8.89%), and ACCESSCORP (-4.46%). Based on this bearish direction, the market breadth closed negative, recording 16 gainers and 25 losers.
In addition, the market sector performance closed negative. Three of the five major market sectors were down. The Banking sector lost 2.94%, the Consumer goods sector fell by -0.80%, and the Insurance sector by tumbled by -0.51%. Today, the Industrial sector grew by +0.30%. The Oil & Gas sector closed flat.
Overall, equities market capitalisation decline ₦199.80 billion, representing a drop of -0.35%, to close at ₦56.17 trillion.
