Because of persistently unfavorable mood on the local exchange, the Nigerian Exchange (NGX) equities section began the week with a daily loss of almost N108 billion. Despite a strong start to the year, April is characterized by poor stock performance.
Throughout the trading session, the bears maintained their dominance, resulting in a -0.19% fall in market performance indicators and a year-to-date return that moderated behind the annual inflation rate of 33.20%.
Stockbrokers linked the sell-off in several large-scale stocks, including DANGSUGAR, PRESCO, ZENITHBANK, and others, to the decline in the equity market. As a result, according to Atlass Portfolios Limited, the market index, or the All-Share Index, fell by 190.67 basis points today, or -0.19%, to settle at 97,962.24.
According to trading results, market activities inched higher. Total volume and total value traded for the increased by +4.59% and +1.20%, respectively. Stockbrokers said approximately 277.24 million units valued at ₦5,082.97 million were transacted in 8,714 deals.
UBA was the most traded stock in terms of volume, accounting for 12.47% of the total volume of trades.
The Pan African lender was followed by TIP (9.23%), TRANSCORP (7.00%), ACCESSCORP (6.78%), and ZENITHBANK (6.75%) to complete the top 5 on the volume chart. Again, UBA was also the most traded stock in value terms, with 19.52% of the total value of trades on the exchange.
STERLINGNG topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by FBNH with (+9.83%), and HONYFLOUR (+9.40%) including TANTALIZER (+9.09%). Other gainers include: CAVERTON (+8.90%), UACN (+8.87%), and nineteen others.
Nineteen stocks depreciated, according to data from the Nigerian Exchange. DANGSUGAR, and NSLTECH were the top losers, with a price depreciation of -10.00% each. Other losers include: CAP (-9.88%), BERGER (-9.87%), JAPAULGOLD (-7.85%), ZENITHBANK (-3.99%), and NB (-2.99%).
At the end of the trading session, the market breadth closed slightly positive, recording 25 gainers and 19 losers. But sectoral performance ended on a negative note
Information from NGX showed that as all the five major market sectors went downward, led by the Consumer goods sector which lost -0.79%. The index was followed by the Insurance sector by that declined by 0.70% while the Banking sector fell by -0.42%. The Industrial and Oil & Gas sectors both dropped slightly by (-0.02%).
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦107.70 billion, representing a drop of -0.19%, to close at ₦55.40 trillion.
