On Monday, the equities market capitalisation fell by around N749 billion as investors sold their interests in two Dangote brands: cement and sugar. The selloffs overturned an early gain recorded by MarketForces Africa, extending the poor performance amidst ongoing corporate earnings releases.
Data showed that key performance indicators fell by 1.36%, while year-to-date performance slowed further after a bearish performance last week – investors lost N847 billion week on week due to volatile economic conditions.
The All-Share Index fell by 1,318.63 basis points today, or 1.36%, to settle at 95,781.68, according to market transaction data. Stockbrokers reported that there were sell-offs in small and large-cap stocks. Investors sell side activities were targeted at Dangote Cement (DANGCEM), Betagas, Dangsugar, and others.
In an emailed note, Atlass Portfolios Limited told investors that market activities inched higher as the total volume and total value traded increased by 916.20% and 2.47%, respectively. Citing data from the Nigerian Exchange, stock analysts explained that approximately 3,546.02 million units valued at ₦7,649.38 million were transacted across 9,291 deals.
GTCO was the most traded stock in terms of volume, accounting for 14.62% of the total volume traded, followed by WEMABANK (6.26%), ACCESSCORP (6.10%), UBA (5.77%), and FIDELITYBK (5.47%) to complete the top 5 on the volume chart. Due to its size, GTCO also emerged as the most traded stock in value terms, accounting for 35.81% of the total value of trades on the exchange.
CUTIX, RTBRISCOE, and SKYAVN topped the advancers’ chart with a price appreciation of 10.00 percent each. Other gainers include OANDO (+9.90%) FTNCOCOA (+9.57%), TANTALIZER (+9.09%), CADBURY (+8.84%), WEMABANK (+6.67%), and twenty-three others.
In the market, eighteen stocks depreciated, according to stockbrokers. DANGCEM was the top loser, with a price depreciation of -10.00%. Other decliners include NSLTECH (-9.76%), AFRIPRUD (-9.68%), BETAGLAS (-9.43%), DANGSUGAR (-5.29%), and ACCESSCORP (-0.78%).
Despite the bearish display, the market breadth closed positive, recording 31 gainers and 18 losers. As expected, the market sector performance was negative, as three of the five major market sectors closed in red.
Sectoral performance details showed that the Industrial index fell by -4.96%, followed by the Insurance sector, which lost -0.71%, while the Consumer goods sector dipped by 0.67%. On the other hand, the Banking and Oil & Gas sectors increased by 0.17% and 0.11%, respectively.
