On Wednesday, the Nigerian Exchange’s (NGX) equity market capitalization fell by approximately N32 billion due to sell pressure on a number of companies, including Nigeria Breweries and Zenith Bank.
The Lagos Exchange’s trading session came to an end negatively, extending its run of losing trade days to seven. Amidst the market’s earnings frenzy, investors sold their holdings in consumer goods and banking tickers, causing key performance indicators to decline by -0.06%.
The All-Share Index decreased by 56.43 basis points today, or -0.06%, to settle at 97,774.22, according to statistics from the NGX.
Sell-offs in several large- and medium-sized firms caused the market collapse, according to Atlass Portfolios Limited, which reported a ₦1.43 trillion decline in investor worth in just seven days.
Despite the bearish mood, market activities inched higher as the total volume and total value traded for the day increased by +360.25% and +188.89%, respectively. Stockbrokers said approximately 1,838.18 million units valued at ₦23,113.69 million were transacted across 10,847 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 72.43% of the total volume traded on the platform. Other volume drivers include ZENITHBANK (4.57%), VERITASKAP (2.47%), OANDO (2.35%), and UBA (1.92%).
FIDELITYBK also emerged as the most traded stock in value terms, accounting for 60.76% of the total value of trades on the exchange. IMG, UPL, and VERITASKAP topped the advancers’ chart with a price appreciation of 10.00 percent each.
The top gainers were trailed by CORNERST, which gained +9.63%. Other gainers include ACADEMY (+9.50%), NEIMETH (+7.73%), FTNCOCOA (+7.14%), UACN (+6.65%), and nineteen others.
In total, twenty-eight stocks depreciated, according to market reports released by stockbrokers and firms. CUTIX, BERGER, and NAHCO were the top losers, with a price depreciation of -10.00% each. Other decliners include NB (-9.82%), AFRIPRUD (-9.52%), NASCON (-8.81%), UNILEVER (-6.13%), and ZENITHBANK (- 2.22%).
At the close of the trading session, the market breadth closed negative, recording 17 gainers and 28 losers. Sectoral performance was positive, as three of the five major market sectors closed in green.
The insurance sector grew by +1.46%, followed by the banking sector, which rose by +0.57%, while the oil & gas sector popped up by +0.04%. On the other hand, the consumer goods and industrial sectors dropped by -0.76% and -0.02%, respectively.
Overall, the equities market capitalization of the Nigerian Exchange declined by ₦32.04 billion, representing a drop of -0.06%, to close at ₦55.51.
