The Nigerian Exchange (NGX) plummeted by more than N279 billion due to sharp selloffs in blue-chip companies. Again, the Nigerian equities market fell as investors profited on high-priced company stocks as they awaited the announcement of key banks’ quarterly results.
The equities market’s major performance indicators fell by 0.50% as a result of bearish activity, driving year-to-date returns lower for the second time in the new week.
The All-Share Index fell by 491.74 basis points to settle at 97,390.01. Today’s drop was fueled by losses at OANDO, CHAMS, BUACEMENT, and UBA, among others.
Stockbrokers report that equities investors had lost ₦682 billion in two days due to ongoing bearish trade following last month’s interest rate hike. Nonetheless, market activity increased somewhat, with total volume and total value traded up 20.27% and 18.23%, respectively.
Atlass Portfolios Limited reported a market update of 599.25 million units valued at ₦13,916.17 million, transacted in 11,237 trades.
GTCO was the most traded stock in terms of volume, accounting for 12.02% of total trading activity, followed by JAPAULGOLD, which accounted for 11.62% of market volume. Other volume drivers include ACCESSCORP (11.07%), VERITASKAP (10.16%), and OANDO (6.86%) to complete the top 5 on the volume chart.
GTCO also emerged as the most traded stock in value terms, the financial services stocks accounted for 23.58% of the total value of trades conducted on the exchange.
MECURE topped the advancers’ chart with a price appreciation of 9.98 percent, trailed by NEIMETH which gained +9.90%. Other gainers include CHAMPION (+9.75%), UPL (+9.63%), RTBRISCOE (+9.35%), ABCTRANS (+9.09%), and twenty others.
Stock data showed that twenty-nine stocks depreciated. OANDO was the top loser, with a price depreciation of -9.97%. Other decliners include LIVESTOCK (-8.10%), LINKASSURE (-7.61%), JAPAULGOLD (-5.39%), UBA (-4.37%), and BUACEMENT (-3.94%).
Given the trading direction today, the market breadth closed negative, recording 26 gainers and 29 losers. Today, the market sector performance was negative, as four out of the five major market sectors closed the day negatively.
The banking sector dropped by -1.92%, followed by the insurance sector, which shed 1.47%, while the industrial sector lost 1.22%. The oil and gas sector lost 0.13%, while the consumer goods sector was up by +0.82%. Overall, the equities market capitalisation of the Nigerian Exchange lost ₦279.08 billion, closing at ₦55.30.
