Investors’ Wealth Falls By N289bn As Banking Index Drops

Stock Exchange Closes Trading Week With N30bn Gain

Selloffs in the banking index caused a roughly N289 billion fall in the total worth of equity investors. Amidst anticipations that monetary policy would raise the benchmark interest rate in March, the market began trading badly last week.

Due to the negative performance on the local stock exchange, key performance indicators fell by -0.49% on Monday. In its market update, Atlass Portfolios Limited stated that profit-taking in several lately valued stocks was the cause of the bourse’s poor performance.

Stockbrokers observed that amid heated red headline inflation conditions, equity investors also traded cautiously in anticipation of the result of the monetary policy meeting. At the conclusion of the trading day, the market index, often referred to as the All-Share Index, decreased by 511.02 basis points, or -0.49%, to settle at 104,136.35.

As investors’ attention turned to higher interest rates in the fixed income market, market activity declined once more, according to data from the Nigerian Exchange. Trading results from the local bourse showed that the day’s total value traded and volume traded decreased by -20.04% and -39.27%, respectively.

Stock analysts explained in their notes that approximately 306.82 million units valued at ₦11,383.20 million were transacted in 9,343 deals.

JAIZBANK was the most traded stock in terms of volume, accounting for 8.54% of the total volume of trades. UBA (7.21%), NB (6.43%), ACCESSCORP (5.64%), and STERLINGNG (5.48%) completed the top 5 on the volume chart, following the increase in transactions by Islamic lenders.

MTNN was the most traded stock in value terms, with 35.61% of the total value of trades on the exchange. ELLAHLAKES topped the advancers’ chart with a price appreciation of 10.00 percent. Following these high achievers were MORISON (+9.93%), SUNUASSUR (+9.48%), CAVERTON (+9.38%), NSLTECH (+9.09%), SOVRENINS (+9.09%), and fourteen more. Thirty stocks depreciated, according to data cited by stockbrokers.

DANGSUGAR and INTENEGINS were the top losers, with a price depreciation of -10.00% each,. These stocks top losers were followed by JAIZBANK (-9.92%), IKEJAHOTEL (-9.72%), TRANSCORP (-8.41%), JAPAULGOLD (-4.93%), and ACCESSCORP (-1.67%). Given the trading direction experienced at the beginning of the week, the market breadth closed negative, recording 20 gainers and 30 losers.

Nevertheless, the market’s sectoral performance ended on par. The insurance and industrial sectors increased by +0.21% and +0.04%, respectively, while the banking and consumer goods sectors fell by -1.72% and -0.83%. The oil and gas industry closed unaltered.

The Nigerian Exchange’s overall equity market capitalization decreased by ₦288.93 billion, closing at ₦58.88 trillion.

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