The selling order that was executed on Dangote cement and MTN Nigeria, among other companies, caused the Nigerian Exchange’s (NGX) stocks market capitalization to lose more than N1.82 trillion. Amidst concerns about inflation, the negative trade erased more than N2.1 trillion in gains made the previous week.
Due to the poor market performance today, the year-to-date return dropped from 41.4% last week to below 40%. The market performance indicators fell by -3.15% after the negative run, according to data from the Nigerian Exchange.
In its market report, Atlass Portfolios Limited provided an explanation for the event, stating that profit-taking observed in all of the key market sectors was the cause of today’s bourse fall.
Stockbrokers, their separate reports, maintained that Industrial sector dropped significantly by as investors digest various macroeconomic reports. In the market, consumer goods stock are still tracking growth seen in other indices.
According to data from the domestic bourse, the market index or All-Share Index decreased by 3,329.55 basis points today, representing a decline of -3.15% to close at 102,393.23.
The local stock market activities slide. Total volume and total value traded for the day reduced by -20.05% and -7.58% respectively. Approximately 273.85 million units valued at ₦7,439.49 million were transacted in 9,688 deals, stockbrokers stated.
GTCO was the most traded stock in terms of volume, accounting for 10.54% of the total volume of trades. The orange brand was followed by TRANSCORP (7.35%), ACCESSCORP (5.81%), FBNH (5.79%), and ZENITH BANK (5.78%) to complete the top 5 on the volume chart,
GEREGU was the most traded stock in value terms, with 23.40% of the total value of trades on the exchange, according to records.
JULI topped the advancers’ chart for today with a price appreciation of 9.52 percent, trailed by DAARCOMM with (+8.64%) growth, SUNUASSUR (+6.74%), ABCTRANS (+6.67%), NAHCO (+5.86%), CUTIX (+5.77%), GEREGU (+5.44%) and eleven others.
Thirty-seven stocks depreciated, reports stated. DANGCEM and MTNN were the top losers, with a price depreciation of -10.00% each. Also on the loser chare are: NGXGROUP (-9.76%), NB (-9.08%), ETERNA (-7.43%), UNITYBNK (-5.14%), and DANGSUGAR (-3.16%).
Following a selling rallies on major stocks, the market breadth closed negative, recording 18 gainers and 37 losers. In addition, the market sector performance was negative.
All the five major market sectors closed in red. The Industrial sector dropped by -6.02%, followed by the Insurance sector which lost 2.49% and the Consumer goods sector was down by-0.77%. The Oil & Gas sector declined by 0.28%, and the Banking sector fell by 0.26%.
Overall, equities market capitalisation of the Nigerian Exchange went down by ₦1,821.87 billion, representing a drop of -3.15%, to close at ₦56.03 trillion.
