Wednesday saw a decrease in the wealth of equity investors as selloffs in MTN Nigeria, FBN Holdings, and a few other firms caused the market capitalization of the Nigerian Exchange (NGX) to fall by roughly N48 billion.
Following the Sallah holiday, investors recommenced profit-taking activity, which caused the market performance indicators to decline by 0.08%. Even while 39 stocks in the market breadth closed mostly up, there was more negative price action in MTNN, FNBH, and 13 other stocks, which reversed the initial gain.
The local exchange reported that the All-Share Index closed at 99,840.95, down 84.34 basis points. However, activity in the equity market was heading upward. The overall rise in both volume and value exchanged was +334.92% and +233.02%, respectively.
In its market update, Atlass Portfolios Limited said approximately 1,383.48 million units valued at ₦16,484.39 million were transacted in 9,899 deals. FIDELITYBK was the most traded stock in terms of volume, accounting for 75.79% of the total volume of trades.
Additional volume drivers include AIICO, which contributed 4.39% of the traded volume; VERITASKAP was responsible for 4.04% of the volume; UBA shares were responsible for 1.57% of the volume; and ZENITHBANK, was responsible for 1.11% of the volume traded
FIDELITYBK was also the most traded stock in value terms, with 68.70% of the total value of trades on the exchange. UPL topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by GUINNESS, whose price surged by +9.96%.
Other gainers are: CHAMPION (+9.83%), HONYFLOUR (+9.52%), VERITASKAP (+9.46%), CILEASING (+9.41%), and thirty-three others.
The trading record showed that fifteen stocks depreciated. CAVERTON was the top loser, with a price depreciation of -9.62%. Other decliners are ABCTRANS (-9.52%), NB (-8.37%), MTNN (-2.67%), FBNH (-2.65%), and UBA (-1.34%).
Despite the loss in equities value, the market breadth closed positive, recording 39 gainers and 15 losers. Stockbrokers, however, reported that the market sector performance closed on par, as two of the five major market sectors closed in the green.
The banking index was up +0.51%, and the oil & gas index rose by +0.08%, while the insurance and consumer goods sectors dropped by -0.14 and -0.09%, respectively. The Industrial sector closed flat. Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦47.62 billion to close at ₦56.48 trillion.
