As investors turned their focus to fixed interest instruments on Wednesday, the capitalization of the Nigerian Exchange’s (NGX) equity market continued to decline. Today, the monetary authority held a main market auction after Debt Management’s sale of bonds to investors last week that were oversubscribed.
Stockbrokers and traders noted in their individual updates that trading activity on the equities market ended comparatively flat, with market performance indicators falling by 0.002%.
In its market update, Atlass Portfolios Limited stated that although the market as a whole finished mostly down, bargain hunting in a few major and medium-sized firms, such BUAFOODS, and others, made sure the market closed flat.
As a result of the sustained losing streak, listed companies’ market valuation fell below the opening positions at the beginning of the week. The market index or All-Share Index decreased partially by 1.74 basis points to close at 102,106.31.
Also, stock market activities declined while the fixed income market recorded sustained demand for fixed interest assets. Today, total volume and total value traded reduced by -30.81% and -15.68% respectively.
Citing data from the Nigerian Exchange, stockbrokers at Atlass Portfolios Limited told investors via email that approximately 341.92 million units valued at ₦6,405.44 million were transacted in 9,665 deals.
TRANSCORP was the most traded stock in terms of volume, accounting for 11.69% of the total volume of trades. This was followed by FBNH (9.85%), GTCO (7.62%), UBA (7.02%), and FIDELITYBK (5.35%) to complete the top 5 on the volume chart.
With its size advantage, GTCO was the most traded stock in value terms, with 15.95% of the total value of trades on the exchange.
MEYER topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by TRIPPLEG with (+9.84%) growth, JULI (+9.09%), CORNERST (+8.78%), AFRIPRUD (+8.70%), CONHALLPLC (+4.58%), and thirteen others.
Thirty-four stocks depreciated, data from the Nigerian bourse revealed. AIICO was the top loser, with a price depreciation of -9.92%. On the loser chart are: CADBURY (-9.50%), HONYFLOUR (-6.96%), DANGSUGAR (-5.63%), NAHCO (-4.29%), and FLOURMILL (-3.53%).
Given the market direction, the market breadth closed negative, recording 19 gainers and 34 losers. In addition, the market sector performance was negative.
Three of the five major market sectors dipped due to bearish moves. The Insurance dipped by -1.49%, followed by the Banking sector which lost -1.45%.
The Industrial sector fell by 0.10%, while the Consumer goods sector was up by +1.32%. The Oil & Gas sector closed flat. Overall, equities market capitalisation lost ₦0.96 billion to close at ₦55.871 trillion.
