After the declaration of the winner of the 2023 presidential election, equity investors on the floor of the Nigerian Exchange (NGX) went on a selling spree in the local exchange. Following five straight days of gains, investors began to take profits as they attempted to rebalance their portfolios, lowering key performance indicators.
Compared to the N30.4 trillion recorded on Tuesday, the market capitalization decreased by N162 billion, or 0.53 percent, to settle at N30.238 trillion. The All-Share Index (ASI), which peaked at 55,806.26 in the previous session, dropped by 297.65 points to settle at 55,508.61.
The downturn was due to selloffs in mainly in Telco heavyweight, Airtel Africa and others. As a result, the year-to-date return fell to 8.31 per cent. Positive sentiments remain in the market, as seen in the number of gainers versus losers.
“We expect to see profit taking in some selected stocks that have rallied in recent sessions, while market breadth remains in the green,” said analysts at Vetiva Securities Ltd.
Also, with 24 companies on the gainer’s table and 10 on the losers’, the market breadth finished in the positive. Veritas Kapital Assurance, which closed at $22,000 per share, was the top gainer on the percentage gainers’ table.
Wema Bank increased by 8.75% to conclude at N4.35 per share, while Ardova increased by 9.76% to close at N18.55. Geregu Powers increased by 8.20% to close at N298.10 per share, while the initiative increased by 8.33% to close at 52k.
John Holt, on the other hand, finished at N1.59 per share and led the losers’ table in percentage terms by 6.66 percent. Following with 7.69% to close at N12 was Ecobank Transnational Incorporated (ETI), while Airtel Africa decreased by 5.25 to close at N1,535, per share.
United Capital shed 3.91 per cent to close at 14.75, while FTN Cocoa Processors lost 3.45 to close at 28k, per share. The trade turnover increased by 36.73 per cent to 228.49 million units, valued at N4.44 billion and exchanged in 3,6 deals.
Transactions in the shares of Capital Hotel topped the activity chart with 333.24 million shares valued at N2.33 billion. Transcorp followed with 44.89 million shares worth N67 million, while Guaranty Trust Holding Company (GTCO) traded 46.63 million shares valued at N126 billion.
Oando traded 19.98 million shares valued at N102.33 million, while Access Holdings transacted 19.42 million shares worth N186.21 million. Sectoral performance was mixed, as the Consumer Goods (+2.5%), Oil & Gas (+0.8%), and Insurance (+0.2%) indices recorded gains, while the Banking index closed flat.
The Industrial Goods (-0.1%) index was the sole loser of the day.
