On Monday, investors in stocks lost almost N221 billion as the market capitalization of the Nigerian Exchange (NGX) continued to fall. Last week, the local stock exchange ended the week with a loss of over N623 billion. For the past two weeks, investors have been rebalancing their portfolios in anticipation of the first-quarter earnings announcement, which has caused the market to hemorrhage.
Despite the outstanding profitability announced by many banks, the market remained unchanged due to the high yield in the fixed income market. Key performance indicators for the stock market fell by -0.38%, per information that was obtained for examination from the Nigerian exchange on Monday.
The local market continued from where it began the previous week, according to an update from Atlass Portfolios Limited, as sell-offs dominated the banking and Consumer goods sectors. Then, the market index (All-Share Index) decreased by 390.44 basis points today, representing a decline of -0.38% to close at 103,047.23.
Stockbrokers stated that market activities slipped today. Total volume and total value traded for the day decreased by -89.03% and -82.80% respectively. Approximately 245.86 million units valued at ₦3,221.90 million were transacted in 5,302 deals.
ABBEYBDS was the most traded stock in terms of volume, accounting for 34.49% of the total volume of trades. The mortgage company was followed by GTCO (8.41%), ACCESSCORP (8.11%), TRANSCORP (4.35%), and ZENITHBANK (4.05%) to complete the top 5 on the volume chart.
GTCO was the most traded stock in value terms, with 21.99% of the total value of trades on the exchange. MORISON topped the advancers’ chart for today with a price appreciation of 9.91 percent.
The ticker was trailed by OMATEK with (+7.69%) growth, CWG (+5.93%), LINKASSURE (+5.56%), STERLINGNG (+5.32%), AIICO (+3.54%), and eleven others.
Twenty-four stocks depreciated, according to information from the local bourse. ABBEYBDS was the top loser, with a price depreciation of -9.75%. Also on the loser chart are CHAMPION (-9.68%), CHAMS (-2.06%), CONHALLPLC (-7.01%), ROYALEX (-5.63%), and FBNH (-4.75%).
Based on trading direction, the market breadth closed negative, recording 17 gainers and 24 losers. Also, the market sector’s performance was negative. Two of the five major market sectors were down, including the Banking sector, which dropped by -2.67% while the Consumer goods index shed 0.27%. The Insurance, Oil & Gas, and Industrial sectors closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange shrank by ₦220.81 billion, representing a drop of -0.38%, to close at ₦58.28 trillion.
