NGX Equities Investors Lose N294bn To Selloff On Nigerian Bourse

Stock Exchange Closes Trading Week With N30bn Gain

As the Nigerian stock market’s value fell further, equity investors lost around N294 billion. Following the downgrade of the Nigeria Index by FTSE Russell, investors sold shares of top major banks on the Nigerian Exchange (NGX).

The stock market lost 757 billion in the first two trading sessions of the new week, as negative actions brought key performance indicators down by 0.08%. The year-to-date return on the local currency has retreated, indexes have fallen, and market capitalization has also fallen.

According to stockbrokers, the market’s dismal performance on Tuesday was caused by bears’ grip or profit-taking actions in banking and consumer goods companies. As a result, the NGX year-to-date return has slowed further, closing at 30.26%, while investors’ wealth has decreased by roughly 293 billion.

Atlass Portfolios Limited said in its daily update that the All-Share Index slid 535.98 basis points, or -0.80%, to settle at 66,760.20 points.

Market activity, on the other hand, was up, as total volume and total value traded for the day grew by +24.11% and 32.15%, respectively. According to Atlass Portfolios, 645.54 million units worth $11,014.47 million were traded in 10,554 transactions.

TRANSCORP was the most traded stock by volume, accounting for 13.69% of total transaction activity. The conglomerate was followed on the volume list by UBA (11.82%), ACCESSCORP (10.82%), FIDELITYBK (7.53%), and GTCO (6.19%).

DANGSUGAR was the most traded stock in value terms, with 12.50% of the total value of trades on the exchange. CHELLARAM and CWG both topped the advancers’ chart for today with a price appreciation of 10.00 percent each.

These stocks were trailed by VITAFOAM (9.78%), OANDO (+9.47%), WEMABANK (+8.94%), NEIMETH (+8.23%), and ten others. Forty-four stocks depreciated, where ETRANSACT, and REGALINS were the top losers, with a price depreciation of -10.00% each.

NASCON lost 9.96% of its market valuation to the selloff. DANGSUGAR gave up 9.96% of its recent price increment. Following weak earnings performance, some investors lost interest in UNITYBNK. Losing 9.92%. CHAMPION went down by 7.46% and CADBURY declined by 4.85%.

Given the trading pattern, the market breadth closed negative, recording 16 gainers and 44 losers. Also, the market sector performance closed negative. Three of the five major market sectors were down, led by the Banking sector, which dropped by (2.60%).

This was followed by the Insurance sector (-2.31%), and the Consumer goods sector by (1.72%). The Industrial sector grew marginally by (+0.03%), while and the Oil & Gas sector closed unchanged.

Overall, equities market capitalisation lost ₦293.55 billion, representing a decline of -0.80%, to close at ₦36,538.33 trillion from ₦36,831.68 yesterday.

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