NGX Drops As Investors Claim Profit From Banking Stocks

Following selloffs in banking and consumer goods sectors, the Nigerian Exchange’s (NGX) equity division concluded the day on a negative note on Thursday. Key performance metrics declined as investors lost $26 billion as a result of significant selloffs.

The Nigerian Exchange All-share index fell today by 47.82 basis points, or -0.09%, to settle at 52,161.24, according to trading data. Large investors pulled their money out of three Tier 1 banks: GTCO (-2.4%), ZENITHBANK (-2.1%), and ACCESSCORP (-3.8%).

The overall volume and total value traded for the day decreased by -13.88% and -12.04%, respectively, indicating that market activity was also down. According to Atlass Portfolios Limited, 5,539 deals totaling about 477.37 million units worth $5,240.70 million were completed.

ACCESSCORP was the stock with the highest volume of trading, making up 35.47% of all trades. The stock was followed in the top 5 on the volume chart by UBA (21.38%), FIDELITYBK (6.46%), GTCO (6.37%), and ZENITHBANK (3.52%).

With 33.26% of the total value of trades on the market, ACCESSCORP was also the most traded stock in terms of volume.

With a 10 percent price increase, ARDOVA topped the list of advancers. According to stockbrokers, NCR (9.87%), MULTIVERSE (9.87%), MRS (+9.84%), CWG (+9.77%), and seventeen other companies trailed the business stock.

Twenty stocks depreciated, where FCMB was the top loser, with a price depreciation of -5.66% to close at ₦4.00, as ACCESSCORP (-3.77%), STERLINGNG (-3.53%), NEIMETH (-3.33%), and ZENITHBANK (-2.05%) also dipped in price.

The market breadth closed positive, recording 22 gainers and 20 losers. In addition, the market sector performance closed negative, as three of the five major market sectors were down. The Banking sector lost 1.35%, followed by the Consumer goods sector (-0.10%), and the Industrial sector (-0.01%).

Meanwhile, the Oil & Gas and the Insurance sectors advanced by +1.34% and +0.18% respectively. Overall, the equities market capitalisation declined by ₦26.03 billion, representing a drop of -0.09% to close at ₦28,402.12 trillion from ₦28,428.15 trillion the previous day.