NGX Drops N114bn As Investors Exit Positions In GTCO, FBNH

Stock Exchange Closes Trading Week With N30bn Gain

About N114 billion was lost by the Nigerian Exchange (NGX) after investors withdrew their holdings in a number of local companies, including GTCO, FBN Holdings, and Oando Plc.

Key performance indicators fell by 0.20% in advance of the 2024 earnings season’s second quarter due to the massive selloffs. As a result, the Exchange All-Share Index closed at 99,805.95, down 201.16 basis points. After a prolonged downward trend, the year-to-date return on the equity market also moderated.

The conclusion of market activity was nonetheless uneventful. While the overall value climbed by +653.03%, the total traded volume decreased by -38.74%. According to stockbrokers, 8,256 deals totaling about 422.69 million units at a value of ₦53,956.42 million were completed.

VERITASKAP was the most traded stock in terms of volume, accounting for 11.96% of the total volume of trades. The Assurance Company was followed by FIDELITYBK, which controlled 11.10% of daily volume traded. Other volume drivers include AIICO (8.50%), GTCO (7.78%), and OANDO (6.26%).

In the market, GTCO emerged as the most traded stock in value terms, with 21.71% of the total value of trades on the exchange. However, CHAMPION topped the advancers’ chart with a price appreciation of 9.97 percent, trailed by CADBURY, which popped up by +9.94%.

Other gainers are ETERNA (+9.87%), INTENEGINS (+9.86%), DAARCOMM (+9.62%), ABCTRANS (+9.38%), and twenty-one others. Twenty-four stocks depreciated in the local bourse.

AFRIPRUD was the top loser, with a price depreciation of -10.00%. Other losers include UACN (-7.28%), IKEJAHOTEL (-5.41%), GTCO (-4.21%), SUNUASSUR (-2.31%), and STERLINGNG (-1.48%).

Despite a negative close, the market breadth closed positive, recording 27 gainers and 24 losers. In addition, the market sector’s performance was positive.

Three out of the five major market sectors ended the trading session in green. The Oil & Gas sector grew by 0.39%, followed by the Consumer goods sector, which popped up by 0.28%, while the Industrial sector gained 0.04%. The Banking and Insurance sectors were down by -1.90% and -0.12%, respectively

Overall, the equities market capitalization of the Nigerian Exchange declined by ₦113.67 billion to close at ₦56.46 trillion.

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