Equities investors have lost more than N50 billion on the Nigerian Exchange (NGX) platform as key indicators turn red. The local bourse ended today’s trading session on a negative note, with the market index falling by 0.09% following the previous day’s rise.
According to data from the Nigerian bourse, the All-Share Index fell 87.76 basis points today, or 0.09%, to settle at 96,715.04. According to stockbrokers at Atlass Portfolios Limited, sell-side activity was driven by profit-taking in recently appreciated medium- and large-cap stocks such as JBERGER, OANDO, and others.
However, market activity was uneven, with the total volume traded for the day increasing by 47.72% but the total value exchanged decreasing by 33.86%.
The stockbroking unit said approximately 600.04 million units valued at ₦8,805.42 million were transacted across 9,546 deals. JAIZBANK was the most traded stock in terms of volume, accounting for 39.63% of the total volume of traded in the local bourse.
Other volume drivers include UBA (6.65%), ACCESSCORP (4.76%), OANDO (4.45%), and RTBRISCOE (3.68%) to complete the top 5 on the volume chart. OANDO emerged as the most traded stock in value terms, with 27.81% of the total value of trades on the exchange.
CAVERTON topped the advancers’ chart for with a price appreciation of 9.95 percent, trailed by REDSTAREX (+9.69%), UPDC (+9.63%), BERGER (+9.33%), CONOIL (+9.09%), ETRANSACT (+8.15%) and twenty-five others.
According to market data, twenty-five stocks depreciated. CWG was the top loser, with a price depreciation of -10.00%. Other decliners include NNFM (-9.94%), TANTALIZER (-8.97%), JBERGER (-8.77%), OANDO (-8.38%) and TRANSCORP (-1.78%).
Given the market direction, the market breadth closed positive, recording 31 gainers and 25 losers. In addition, the market sector performance was positive. Four out of the five major market sectors ended the trading session in green led by the Oil & Gas sector which grew by +1.73%.
The banking index also rose by +0.64% and the consumer goods sector climbed by +0.27% while the Industrial sector advanced by +0.01%.
On the other hand, the insurance sector declined by 1.73%. Overall, the equities market cap of the Nigerian Exchange lost ₦50.44 billion, representing to close at ₦55.58 trillion on Wednesday.
