Tuesday saw a more than N69 billion decline in the Nigerian Exchange’s (NGX) equity market capitalization as investors started taking new profits on the local exchange.
The local Nigerian market ended trading on a negative note for the second day following last week’s estimated gain of almost N950 billion. The selling upsurge caused the market performance indicators to decline by an additional -0.12%.
Stockbrokers saw sell-offs in a number of large- and medium-sized equities, including ZENITHBANK and UBA. Atlass Portfolios Limited stated in its market update that the market was impacted by investors’ persistent safe-haven attitude toward other asset classes.
To conclude at 99,051.02, the market index, also known as the All-Share Index, decreased by 122.85 basis points, or a decrease of –0.12%.
However, market activities ended on a mixed note, according to data from the Lagos bourse. Total volume traded dropped by -0.63%, while the total value traded increased by +46.19%. Stockbrokers reported that approximately 347.39 million units valued at ₦7,656.37 million were transacted in 8,122 deals.
VERITASKAP was the most traded stock in terms of volume, accounting for 17.10% of the total volume of trades. The company followed by FIDELITYBK which drove 13.91% of trade volume in the market. Other volume drivers are: OANDO (8.08%), UNITYBNK (5.93%), and UBA (5.72%).
AIRTELAFRI was the most traded stock in value terms, accounting for 31.88% of the total value of trades on the exchange. NB both topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by PRESCO which appreciated by +9.99%.
Other gainers are: OANDO (+9.65%), RTBRISCOE (+9.62%), DEAPCAP (+9.09%), VERITASKAP (+7.81%), and nine others.
Twenty-two (22) stocks depreciated, according to Nigerian Exchange equity performance scorecard for the day.
TANTALIZER was the top loser, with a price depreciation of -10.00%. Other decliners include: INTENEGINS (-9.71%), UNITYBNK (-9.42%), NEIMETH (-4.35%), WEMABANK (-3.57%), and ZENITHBANK (-3.03%).
At the end of the trading sessions today, the market breadth closed negative, recording 15 gainers and 22 losers. In addition, the market sector performance was negative, as three of the five major market sectors sloped downward, led by the Insurance sector lost – 1.53%.
The Banking sector dipped by -1.45% and gas sector lost -0.78%, and the consumer goods sector grew by +0.36%. The industrial sector closed flat. Overall, the equities market capitalization of the Nigerian Exchange declined by ₦69.36 billion to close at ₦56.03 trillion.
