The Nigerian Exchange (NGX) has lost more over N391 billion since the start of the week. Unimpressive profits from a large number of listed firms, caused by foreign exchange losses, dampen purchasing enthusiasm in the equity market.
Following yield repricing in the fixed income market, the trading pattern seen last week heralded the return of bears into the equity area. At a midweek auction, the apex bank auctioned 1-year treasury notes for 12.15%.
Because to selloffs in important indices, the Nigerian Exchange All-Share index, or market index, fell by 1.10%, lowering the year-to-date return. The year-to-date return landed at 25.53%, still much ahead of the annual inflation rate of 22.79% published in June 2023, according to data from the local exchange.
However, stockbrokers reported an increase in market activity, with total volume and total value traded increasing by +46.47% and +21.12%, respectively. According to Atlass Portfolios Limited’s stock market report, 673.42 million units worth $6,474.47 million were traded in 9,788 transactions.
In terms of volume, ABBEYBDS was the most traded stock, accounting for 16.68% of total transaction activity. The mortgage bank was followed on the volume chart by FIDELITYBK (8.70%), UBN (7.59%), FCMB (7.33%), and UNIVINSURE (7.06%).
Meanwhile, MTNN was the most traded stock in terms of value, accounting for 15.62% of all deals on the market. With price increases of 10.00 percent or more, BETAGLAS, LINKASSURE, MANSARD, and SUNUASSUR topped the advancers’ leaderboard. These insurance stocks were trailed by BERGER (9.95%), SKYAVN (+9.87%), CUSTODIAN (+9.79%), TIP (+9.59%), and ten others, according to stock market updates from Broadstreet.
Forty-nine listed companies’ stocks depreciated, where CAVERTON, LIVESTOCK, DANGSUGAR, ETI, NPFMCRFBK, and SOVRENINS were the top loser, with a price depreciation of -10.00% each. GUINNESS (-9.98%), ETERNA (-9.90%), NAHCO (-9.80%), NASCON (- 9.72%), and CADBURY (-9.64%) also dipped in price.
At the end of trading session on Monday, the market breadth closed negative, recording 18 gainers and 49 losers. The bear grips held down market sectorial performance, closing negative.
Nigerian Exchange record showed that three of the five major market sectors were down, led by the Banking sector (-2.55%), followed by the Consumer goods sector (-1.42%), and the Industrial sector (-0.03%).
In contrast, the Insurance and Oil & Gas sectors were up by +1.58% and +0.40% respectively. Overall, equities market capitalisation fell by ₦391.20 billion, representing a decrease of -1.10%, to close at ₦35,011.46 trillion from ₦35,402.66 trillion last Friday.
