Equities investors’ wealth fell by around N176 billion as MTN Nigeria Plc share depreciation canceled out profits on the purchase side of the stock market. Access Bank, Wema Bank, and Jaiz Bank Plc are also among the stock market’s biggest losers.
Although the number of gainers outnumbered the number of losers, the market closed negative because of MTN Nigeria’s weight in the market. According to transaction statistics, the Nigerian Exchange (NGX) All-Share index declined 32 basis points to close at 96,204.01 points on the day.
Stockbrokers claimed the stocks market decline was principally caused by selloffs in MTNN (-7.91%), which reduced gains from OANDO (+9.94%) and ETI (+6.60%). Following substantial side activity on the telecom stock, investors lost N175.9 billion, bringing the market capitalization to N55.26 trillion, according to Nigerian stock market data.
Nevertheless, market activities were mixed. Total volume traded for the day increased by 0.78%, while the total value traded dropped by 19.59%. Approximately 446.61 million units valued at ₦4,531.40 million were transacted across 10,148 deals, Atlass Portfolios Limited said in its market update.
UNIVINSURE was the most traded stock in terms of volume, accounting for 11.79% of the total volume of trades, followed by JAPAULGOLD (11.61%), PRESTIGE (8.03%), TANTALIZER (7.87%), and CHAMS (6.44%) to complete the top 5 on the volume chart.
OANDO emerged as the most traded stock in value terms, accounting for 13.71% of the total transaction value conducted on the exchange. IMG topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by CHAMS (+9.95%), OANDO (+9.94%), LIVESTOCK (+9.91%), ETERNA (+9.84%), CILEASING (+9.82) and twenty-nine others.
Fourteen stocks depreciated, according stockbrokers. NEIMETH was the top loser, with a price depreciation of -9.09%. Other decliners include TANTALIZER (-8.64%), MTNN (-7.91%), JAIZBANK (-6.25%), WEMABANK (-3.85%), and ACCESSCORP (-0.78%).
In spite of the bearish display, the market breadth closed positive, recording 35 gainers and 14 losers. Sectoral performance, in contrast to the overall market trend, remained bullish, with 4 sectors closing the session in green.
The Insurance (+1.87%) sector saw bullish sentiments in a number of its tickers, led by AIICO (+5.41%). The Banking (+0.62%) sector also gained due to interest in ETI (+6.60%), likely on the back of a recent corporate action to address the covenant breach in a $300 million senior note.
The Oil and Gas (+0.53%) sector gained due to the continued momentum of OANDO (+9.94%), while the Consumer Goods (+0.16%) sector saw an uptick due to buying interests in DANGSUGAR (+2.63%).
The industrial Goods was the sole loser owing to selloffs in WAPCO (-0.27%) Overall, the equities market capitalisation of the Nigerian Exchange lost₦175.85 billion to close at₦55.26 trillion.
