The Nigerian Exchange (NGX) equities section fell further on Tuesday as investors continued to retreat over lackluster results performance and FX losses. As massive currency losses hurt corporate profitability, equity investors have been racing for the exit.
According to several unaudited financial records for the first half of 2023 presented to the Nigerian Exchange, stock market movers saw their earnings suffer.
Today’s trading loss has brought the local bourse’s negative mood streak to five trading days. According to data from the local exchange, market indices have decreased sharply amid a strong negative grip.
The Nigerian Exchange All-Share Index fell by 145.32 basis points today, reflecting a -0.23% dip to close at 64,192.20. Now, , the year-to-date return has moderated to 25.25%, still ahead of the annual inflation rate in Nigeria.
Equities investors lost 79.08 billion, or -0.23%, to close at 34,932.38 trillion, down from 35,011.46 trillion yesterday, according to Atlass Portfolios Limited’s market report. Market activity, on the other hand, increased, with total volume and total value traded increasing by +13.17% and +19.09%, respectively. According to stockbrokers, 762.10 million units worth $7,710.21 million were traded in 7,935 transactions.
AIICO was the most traded stock in terms of volume, accounting for 41.30% of total trade volume, followed by UBA (7.15%), MANSARD (6.41%), ETI (5.50%), and FCMB (3.75%) to round out the top 5.
MTNN was the most traded stock in value terms, with 12.29% of the total value of trades on the exchange. ABBEYBDS, and DANGSUGAR topped the advancers’ chart for today with a price appreciation of 10.00 percent each. The two stocks were trailed by CHELLARAM (9.87%), TANTALIZER (+9.68%), SUNUASSUR (+9.09%), MULTIVERSE (+8.72%), and sixteen others.
Thirty-seven stocks depreciated, where JOHNHOLT was the top loser, with a price depreciation of -10.00% to close at ₦1.80. JAPAULGOLD lost 9.71%, GUINNESS dipped by 8.26%, CUTIX fell by 8.03%, HONYFLOUR tumbled by 7.08% and WEMABANK declined by 3.33%.
All in, stock market breadth closed negative, recording 22 gainers and 37 losers while the sector performance closed positive.
Trading records showed that two of the five major market sectors were up, which includes the Insurance sector (+0.95%) and the Consumer goods sector (+0.54%), while the Consumer goods sector dropped by -1.94%. The Industrial and Oil and gas sectors closed unchanged.
