The Nigerian Exchange (NGX) fell due to a market capitalization drop of more than N394 billion as a result of sell pressure on Cadbury, Transnational Corporation (Transcorp), and Access Holdings Plc, among other decliners.
On Tuesday, the local bourse closed trading on a sour note, with key performance indicators decreasing by 0.66%. The Nigerian Exchange All-Share Index fell by 650.83 basis points in today’s trading session, closing at 98,058.07.
This decline prolonged the previous day’s losses, which were fueled by a sell-off in certain medium and large-cap stocks such as CADBURY, ARADEL, TRANSCORP, and others.
Atlass Portfolios Limited’s equities analysts said that investors’ wealth decreased by ₦843 billion in the last two days.
Nonetheless, market activity soared, with total volume and total value traded up 13.06% and 96.08%, respectively. Atlass Portfolios Limited said that about 399.32 million units valued at ₦8,925.72 million were sold in 9,547 trades.
UBA was the most traded stock in terms of volume, accounting for 22.71% of all transactions on the Nigerian Exchange trading platform. Other volume drivers include CHAM (20.25%), TRANSCORP (7.96%), ZENITHBANK (5.74%), and ACCESSCORP (3.95%).
UBA also emerged as the most traded stock in value terms, accounting for 29.26% of the total value of trades on the exchange. NNFM topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by EUNISELL which gained +9.87%.
Other gainer include TIP (+9.81%), LIVESTOCK (+7.73%), CWG (+4.96%), NEIMETH (+4.79%) and nineteen others. Thirty-two stocks depreciated, according to stockbrokers.
CADBURY was the top loser, with a price depreciation of -9.89%. Other losers include ROYALEX (-9.72%), ARADEL (-8.33%), TRANSCORP (-7.41%), ACCESSCORP (-4.65%), and ZENITHBANK (-2.26%).
Citing data from the Nigerian bourse, stockbrokers reported that the market breadth closed negative, recording 25 gainers and 32 losers. Likewise, the market sector performance was negative, as three of the five major market sectors were down.
The Banking sector declined by -1.46%, followed by the Industrial sector which fell by -0.33%, while the Consumer goods sector lost -0.01%. The Insurance and Oil & Gas sectors dropped by 0.18% and 0.03% respectively.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦394.37 billion to close at ₦59.42 trillion.
