NGX Drops As Investors Leave Financial, Industrial Stocks

SEC Warns Nigerians Against Investing In FinAfrica, Poyoyo

The Nigerian Exchange, NGX, equities section drops weight on Monday as investors continue profit-taking activity in the local exchange – following an N479 billion loss last week. Investors’ lackluster purchasing enthusiasm drove N16 billion out of the equity market amid election uncertainty.

According to stockbrokers, the financial crisis in the United States has sent bad signals to worldwide markets, and investors look to be wary. Then, as the earnings season begins to chill, local investors have begun to adjust their portfolios.

According to market statistics, today’s fall was led by profit-taking in STANBIC (-8.5%) and NB (-3.1%). The Nigerian Exchange All-Share Index fell 0.1% to 54,886.04 points as a consequence.

The year-to-date performance of the NGX then eased to +7.1%, while other market indexes fell into the red zone. WAPIC (down 9.52%), STANBIC (down 8.52%), NB (down 3.14%), CAP (down 1.04%), and DANGSUGAR (down 0.54%) are among the key decliners.

Despite the lack of buyer interest, trading activity remained optimistic, with total deals, volume, and value all increasing.

The overall amount traded climbed by 646.5% to 1.17 billion units, valued at N2.88 billion, and traded in 3,066 transactions. NEIMETH was the most traded stock in terms of volume and value, with 1.07 billion units and NGN1.58 billion exchanged.

Despite a negative hold on mid and big capitalised businesses’ shares, the Banking index rose 1.3% and Industrial Goods gained 0.1%, according to an analysis of key sector performance.

On the negative side, the Insurance index down 0.5%, while Consumer Goods fell 0.4%. The Oil & Gas index, on the other hand, finished flat. Market sentiment was favorable (1.4x) as assessed by market breadth, with 19 tickers gaining vs 14 losers.

ACCESSCORP (+7.1%) and CUTIX (+6.0%) led the gainers, while IKEJAHOTEL (-9.5%) and WAPIC (-9.5%) suffered the day’s worst losses. According to data from the Nigerian Exchange, stocks market capitalization fell by 16.0 billion to 29.9 trillion.

Leave a Reply