Equities investors lost over N85 billion as financial services businesses’ equities fell further owing to selloffs in Tier-1 banks, particularly insurance names. According to statistics from the Nigerian Exchange (NGX), key performance indicators fell by 0.15 percent as money shifted to fixed income securities.
Stockbrokers stated in an update that the local bourse continued to fall following the interest rate rise, a trend that market analysts believe will continue throughout the week.
Atlass Portfolios Limited noticed profit-taking actions in various important market sectors, particularly the insurance and banking sectors, which fell by -1.90% and -1.42%, respectively.
As a result, the market index or All-Share Index fell by 149.98 basis points to settle at 97,978.02. Stockbrokers said that market activity surged despite the current risk-off mentality. Total volume and total value traded for today increased by +16.47% and +41.67% respectively.
Stockbrokers reported that approximately 316.45 million units valued at ₦7,699.96 million were transacted in 7,852 deals. UBA was the most traded stock in terms of volume, accounting for 15.93% of the total trade.
Other volume drivers include: GTCO (12.20%), ZENITHBANK (9.16%), TRANSCORP (6.85%), and JBERGER (5.58%). JBERGER was the most traded stock in value terms, with 19.03% of the total value of trades on the exchange.
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CILEASING topped the advancers’ chart for today with a price appreciation of 9.90 percent, trailed by CAVERTON with +7.69% uptick in market price. Other gainers include: CHAMS (+7.14%), CONHALLPLC (+6.15%), VERITASKAP (+5.36%), AFRIPRUD (+3.82%), and ten others.
Twenty-eight stocks depreciated amidst sustained bearish run on the Nigerian Exchange. SKYAVN was the top loser, with a price depreciation of -9.80%. Other loser according to rank include: FTNCOCOA (-9.35%), JAPAULGOLD (-8.42%), FIDELITYBK (-5.88%), HONYFLOUR (-3.23%), and TRANSCORP (-1.35%)
At the end of trading session, the market breadth closed negative, recording 16 gainers and 28 losers. In addition, the market sector performance was negative.
According to data from the local bourse, three out of the five major market sectors went down, led by the Insurance sector, which dropped by 1.90% followed by the Banking sector , down by -1.42% and the Consumer goods sector dipped by 0.05%. The Oil & Gas sector grew by +0.72% while the Industrial sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange declined by ₦84.71 billion to close at ₦55.42 trillion.
