Due to a persistently risk-off attitude, investors in the Nigerian Exchange (NGX) are suffering as a result of the stocks market capitalization’s prolonged drop. Stockbrokers claim that the strength of daily losses began to decline in the middle of the week, indicating a possible rally on stocks with strong fundamentals in the days ahead.
Market performance indicators saw a little decline of -0.005% during the trading session as a result of selloffs in listed company stocks. Atlass Portfolios Limited reported in its update that several medium- and large-cap equities, including PZ, NASCON, ZENITHBANK, and others, were experiencing profit-taking.
Stockbrokers said that this resulted in a ₦771 billion decline in investor value over three days, keeping the exchange in the negative. To settle at 98,223.97, the All-Share Index dropped 4.53 basis points. The year-to-date return on the equity market also decreased, trailing the annual inflation rate of 33.20%.
Despite the bear run, market activities ended on a mixed note. Total volume traded decreased by -25.04%, while total value traded increased by +9.94%. According to Atlass Portfolios Limited, approximately 319.08 million units valued at ₦9,178.21 million were transacted in 8,121 deals.
UBA was the most traded stock in terms of volume. Transactions conducted on Pan African lender stocks accounted for 25.07% of the total volume traded in the market.
Other volume drivers are: TRANSCORP (12.10%), ACCESSCORP (10.68%), GTCO (7.90%), and FIDELITYBK (3.96%) – marking the top 5 on the volume chart. MTNN was the most traded stock in value terms. Transactions on the telecom accounted for 27.85% of the total value of trades on the exchange.
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OKOMUOIL topped the advancers’ chart with a price appreciation of 9.98 percent. Other gainers include: TANTALIZER with +8.33% share appreciation. Other gainers are: CUTIX (+5.26%), TIP (+4.76%), WAPIC (+4.41%), JAIZBANK (+4.35%), and eight others.
In summary, nineteen stocks depreciated, according data from the Nigerian Exchange shows. PZ was the top loser, with a price depreciation of -10.00%. Other companies on the loser chart are: INTBREW (-9.89%), MCNICHOLS (-9.73%), STERLINGNG (-9.59%), NASCON (-8.89%), and WAPCO (-5.43%).
At the end of the trading session, the market breadth closed negative, recording 14 gainers and 19 losers. In addition, the market sector’s performance was negative. Four out of the five major market sectors closed negatively, led by the banking sector, which dropped by 1.03%, followed by the consumer goods sector, which lost -0.27%, while the industrial sector declined by 0.22%, including the 0.15% drop recorded by the insurance sector. The oil & gas sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦2.56 billion, representing a slight decline of -0.005%, to close at ₦55.55 trillion.
