The Nigerian Exchange (NGX)’s equities market capitalisation fell by more than N80 billion due to selloffs in bellwether stocks. Bears continued to rule the local exchange, with the All-Share Index falling 0.1% to 97,248.82 points. Year-to-date returns have reduced to 30.1% due to profit taking as the market awaits the release of earnings from major banks.
The market has been bleeding for the third straight trading session as a result of sell-side activity in medium and large-cap equities. Atlass Portfolios Limited reported that the market had lost ₦762 billion in investor value in three days.
Activity metrics fell, with the total value transacted in the market falling by 47.38% and 60.62% respectively. Stockbrokers reported that 315.30 million units worth ₦5,480.03 million were transacted across 8,365 deals.
VERITASKAP was the most traded stock in terms of volume, accounting for 12.20% of the total volume of traded today. Other volume drivers include GTCO (11.54%), UNIVINSURE (7.37%), OANDO (7.01%), and FBNH (6.44%) to complete the top 5 on the volume chart
GTCO emerged as the most traded stock in value terms, accounting for 30.36% of the total value of traded on the exchange. GUINEAINS topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by RTBRISCOE which gained 9.87%.
Other gainers HONYFLOUR (+9.87%), NSLTECH (+7.14%), LINKASSURE (+7.06%), DEAPCAP (+6.67%), and fifteen others.
Twenty-five stocks depreciated, where OANDO was the top loser, with a price depreciation of -9.95%. Other decliners include CUTIX (-9.92%), JAPAULGOLD (-7.89%), REDSTAREX (-6.98%), NEIMETH (-5.69%), and TRANSCORP (-2.23%).
At the end of the trading session on Wednesday, the market breadth closed negative, recording 21 gainers and 25 losers. Similar to overall market performance, sentiments were bearish across all five sectors reported.
The Insurance (-0.90%), Banking (-0.30%), Oil and Gas (-0.17%), Consumer Goods (-0.17%), and Industrial Goods (-0.02%) sectors all closed negative, driven by selloffs in NEM (-6.21%), FIDELITYBK (-1.95%), OANDO (-9.95%), NB (-4.52%), and CUTIX (-9.92%), respectively. Overall, the market capitalisation of the Nigerian Exchange fell by ₦80.16 billion to close at ₦55.22.
