During the #EndBadGovernance demonstration, sell pressure on MTN Nigeria, Dangote Sugar Refinery, and Transnational Incorporation caused the Nigerian Exchange to drop by more than N235 billion.
The final trading session was bearish, continuing the market’s losing run for eight days in a row and resulting in a -0.42% drop in key performance indicators.
The All-Share Index closed at 97,359.76, down 414.46 basis points as a result of the bearish activity. Some medium-sized and large-cap equities, including DANGSUGAR, MTNN, and OANDO, had selloffs in the market.
The value of stock investors has dropped by ₦1.67 trillion in just eight days as a result of selloffs sparked by a risk-off attitude brought on by uncertainty in the regional economy. According to the market report, trading activities went down as the total volume and total value traded for the day declined by -69.26% and -63.09%, respectively.
Atlass Portfolios Limited told investors in an emailed note that approximately 565.12 million units valued at ₦8,530.92 million were transacted across 6,821 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 66.04% of the total volume traded on the local bourse on Thursday amidst protests.
Other volume drivers include UBA (4.08%), ZENITHBANK (3.41%), OANDO (3.37%), and ACCESSCORP (2.79%) to complete the top 5 on the volume chart. Also, FIDELITYBK emerged as the most traded stock in value terms, accounting for 46.25% of the total value of trades on the exchange.
UCAP topped the advancers’ chart with a price appreciation of 9.95 percent, trailed by AFRIPRUD, which gained +9.94%. Other gainers include CUTIX (+9.94%), TANTALIZER (+9.52%), CADBURY (+8.65%), MAYBAKER (+8.29%), and fifteen others.
NGX data revealed that nineteen stocks depreciated. MECURE was the top loser, with a price depreciation of -9.94%. Other decliners include OANDO (-8.00%), DANGSUGAR (-7.67%), MTNN (-5.00%), TRANSCORP (-3.93%), and JAPAULGOLD (-2.16%).
At the close of the trading session, the market breadth closed positive, recording 21 gainers and 19 losers. Sectoral performance was also negative.
Three out of the five major market sectors inched lower. The consumer goods index dropped by 0.55%, followed by the insurance sector, which lost 0.18%, while the oil & gas sector fell by -0.05%. On the other hand, the banking and industrial sectors grew by +0.42% and +0.01%, respectively.
Overall, the equities market capitalization of the Nigerian Exchange lost ₦235.38 billion to close at ₦55.28.
