The Nigerian Exchange (NGX) stock market capitalization decreased by more than N672 billion as a result of selloffs in MTN Nigeria and BUA Cement. Information released by the local stock exchange revealed that the market became pessimistic after listed companies released their heartbreaking profits.
Key performance indicators consequently fell even worse as the stock market experienced a roughly $4 trillion loss in just two weeks. The local stock exchange had a decline of about N2.1 trillion last week due to investors selling their stock holdings. Throughout the previous five trading sessions, the local exchange has lost N1.83 trillion.
The market breadth closed mostly favorable this week, although trading activity in the equities market was rounded out unfavorably. Broker data indicate that there was a -1.23% decline in stock market performance indices.
Atlass Portfolios Limited said in its market update that the downturn was due to profit-taking in some blue-chip stocks. Notably among them are BUACEMENT, MTNN, and 6 others.
Then, the market index or All-Share Index decreased by 1,228.32 basis points today, representing a decline of -1.23% to close at 98,751.98. This happened as market activities nosedived. Total volume and value traded for the day decreased by -32.29% and -22.01% respectively.
Stockbrokers told investors that approximately 367.62 million units valued at ₦6,782.54 million were transacted in 9,168 deals.
TRANSCORP was the most traded stock in terms of volume, accounting for 15.59% of the total volume of trades. The conglomerate was followed by ACCESSCORP (8.69%), UBA (7.80%), FIDELITYBK (7.68%), and FCMB (7.64%) to complete the top 5 on the volume chart.
ZENITHBANK was also the most traded stock in value terms, with 13.49% of the total value of trades on the exchange. Meanwhile, FTNCOCOA and TIP topped the advancers’ chart for today with a price appreciation of 10.00 per cent each.
These stocks were trailed by JULI with (+9.97%) growth, CHAMPION (+9.94%), PZ (+9.93%), TRANSCORP (+9.93%), ACCESSCORP (+9.92%), and thirty-nine others. Eight stocks depreciated, where BUACEMENT and CONOIL were the top losers, with a price depreciation of -10.00% each.
Others in the losers’ chart included MTNN (-9.96%), THOMASWY (-9.78%), SOVRENINS (-6.52%), CORNERST (-4.76%), and NASCON (-3.94%). Stockbrokers’ notes showed that the market breadth closed positive, recording just 46 gainers and 8 losers.
At the end of the trading, sector performance was positive. Specifically, three of the five major market sectors closed in the green. The banking sector grew by (+2.59%), followed by a 1.1% increase in the Insurance index while the Consumer goods sector grew by +0.38%).
The Industrial and Oil & Gas sectors dipped by -3.44% and -0.85%. Overall, the equities market capitalization lost ₦672.11 billion, representing a drop of -1.23%, to close at ₦54.04 trillion.
