The Nigerian Exchange’s (NGX) stocks market capitalisation fell by more over N84 billion after investors sold stakes in FBNH, Oando Plc, and other companies on the stock trading platform.
Despite the lower inflation temperature that has resulted in yield repricing in the fixed bond market, investors continue to profit. Stockbrokers said that the key performance indicator fell by 0.15% due to prolonged selloffs in Oando Plc, FBN Holdings, and Dangote Sugar Refinery shares, among other decliners.
As a result, the All-Share Index declined by 148.46 basis points to settle at 97,100.36. The bearish display represents the fourth consecutive sell-side activity on the local bourse. Major decliners are OANDO, ETI, and Dangote Sugar Refinery Plc. Atlass Portfolios Limited reported that the sell-offs resulted in a loss of ₦846 billion in investor value over four days, while headline inflation fell to 33.40% in July.
The market experienced a dip in activity, with total volume and total value traded declining by 13.97% and 35.71%, respectively. Stockbrokers reported 7,233 transactions involving about 271.26 million units worth ₦3,522.89 million.
VERITASKAP was the most traded stock in terms of volume, accounting for 12.33% of the total volume of trades, followed by STERLINGNG (6.15%), AIICO (6.05%), RTBRISCOE (5.97%), and GTCO (5.89%) to complete the top 5 on the volume chart.
Meanwhile, GTCO emerged as the most traded stock in value terms, with 20.61% of the total value of trades on the exchange. NEIMETH topped the advancers’ chart with a price appreciation of 9.55 percent, trailed by TOTAL which gained +8.82%.
Other gainers include AIICO (+6.54%), CILEASING (+6.07%), UPDC (+4.92%), UNIVINSURE (+3.23%), and eight others. Thirty-one stocks depreciated, according to data from the Lagos exchange. Again, OANDO was the top loser, with a price depreciation of – 9.94%.
Other decliners include ABCTRANS (-9.52%), GUINEAINS (-9.09%), OMATEK (-7.14%), DANGSUGAR (-3.52%), and ACCESSCORP (-1.29%). Stockbrokers said the market breadth closed negative, recording 14 gainers and 31 losers. However, the market sector performance was positive, as three of the five major market sectors were up.
The oil & gas sector grew by 2.07%, followed by the insurance sector, which gained +0.41%, while the banking sector popped up by +0.03%. On the other hand, the consumer goods sector dropped by -0.60%, but the industrial sector closed flat. Overall, the equity market capitalisation dropped ₦84.06 billion to close at ₦55.13.
