The Nigerian Exchange’s equities market cap fell by more than N185 billion after Ardova Plc voluntarily exited the local exchange, in addition to profit-taking in MTNN (-3.4%).
In terms of market performance, the development interrupted the market’s positive trajectory for four consecutive trading days. As a result, the market indicators fell by 0.46%.
Atlass Portfolios Limited stated in a market update that the gap between the two performance indicators was mostly attributable to ARDOVA’s unilateral delisting from the exchange of its full 1,310,629,267 issued share capital.
Despite this, year-to-date stock market returns remain positive at +28.17%, despite investors’ wealth falling by about 185 billion. Data from the Nigerian Exchange showed that the market index (All-Share Index) decreased by 301.65 basis points, representing a drop of -0.46% to close at 65,687.16.
Trading records showed that market activities were down, as the total volume and total value traded for the day dropped by -9.59% and -3.77% respectively. Approximately 500.43 million units valued at ₦7,143.90 million were transacted in 7,345 deals.
UBA was the most traded stock in terms of volume, accounting for 11.66% of the total volume of trades. ACCESSCORP (11.04%), UNIVINSURE (6.53%), FBNH (5.60%), and ZENITHBANK (5.29%) completes the top 5 on the volume chart.
ACCESSCORP was the most traded stock in value terms, with 22.86% of the total value of trades on the exchange. COURTVILLE, NCR and SEPLAT topped the advancers’ chart for today with a price appreciation of 10.00 per cent each,
The stocks were trailed by FTNCOCOA (9.92%), JAPAULGOLD (+9.90%), LIVESTOCK (+9.90%), LEARNAFRCA (+9.76%), and twenty-four others. Twenty-four stocks depreciated, where CADBURY and UNILEVER were the top losers, with a price depreciation of -10.00% each, to close at ₦15.30 and ₦15.75.
MULTIVERSE (-9.97%), CHAMPION (-7.45%), CHIPLC (-6.42%), NGXGROUP (-5.19%), and FBNH (-4.87%) also dipped in price. With swings, the market breadth closed positive, recording 31 gainers and 24 losers.
Nonetheless, the market sector performance closed positive, as three of the five major market sectors were up, led by the Oil & Gas sector (+4.91%), followed by the Consumer goods sector (+1.85%), and Insurance sector (+1.02%), while the Banking and Industrial sectors were down by -0.60% and -0.02% accordingly.
Overall, equities market capitalisation lost ₦185.13 billion to close at ₦35,745.92 trillion from ₦35,931.05 trillion yesterday. #NGX Market Cap Slides N185bn as Ardova Plc Delists
