After showing encouraging momentum on Tuesday, selloffs in the banking sector caused the Nigerian Exchange (NGX) stocks market capitalization to regress on Wednesday. As investor confidence declined amid uncertainty surrounding the Nigerian economy, the bears grabbed control of the market. A quarter of GTCO’s market value was destroyed.
ZENITHBANK increased by 0.60%, FIDELITYBK fell by 0.60%, and UBA fell by 5.78%. As a result of the downward price movement, the market performance indicators fell by -0.02%. While the market breadth finished positively, stockbrokers at Atlass Portfolios Limited reported that profit-taking actions were observed in all main market sectors.
Consequently, since investors’ wealth decreased by more than ₦6 billion during the session, the year-to-date return reduced somewhat to 31.13%. The market index, or the All-Share Index, closed at 67,206.16, down 11.61 basis points, or a marginal loss of -0.02%, according to data from the local exchange.
However, indications from stockbrokers indicate that market activity was uneven. The domestic bourse’s statistics shows that overall trading volume increased by 3.05%. Conversely, the whole traded value decreased by -30.33%. According to stockbrokers, 5,998 trades totaling about 329.66 million units at a value of ₦4,410.53 million were completed.
FIDELITYBK was the most traded stock in terms of volume, accounting for 15.27% of the total volume of trades. The Tier-2 bank was followed by ACCESSCORP (13.10%), CHAMS (8.09%), UBA (7.84%), and GTCO (6.26%) to complete the top 5 on the volume chart.
GTCO was the most traded stock in value terms, with 16.64% of the total value of trades on the exchange. MULTIVERSE topped the advancers’ chart for today with a price appreciation of 9.74 per cent.
The company was trailed by CHAMS (9.71%), CAVERTON (+9.35%), FTNCOCOA (+8.97%), GEREGU (+7.71%), and eighteen others. Eighteen stocks depreciated, according to data from the Nigerian Exchange.
ETRANSACT and SUNUASSUR were the top losers, with a price depreciation of -10.00% each. ETERNA lost 7.09%, UBA declined by 5.78%, OANDO fell by 4.44%, WAPCO slumped by 1.72%, and GTCO nosedived by 1.25%. Based on the record, the market breadth closed positive, recording 23 gainers and 18 losers.
In addition, the market sector performance was negative. All five major market sectors were down, led by the Banking sector, which declined by (-1.09%), followed by the Insurance sector which lost 0.62. The Oil & Gas sector dropped by 0.24%, the Consumer goods sector fell by 0.16, and the Industrial sector shed 0.10%.
Overall, equities market capitalisation lost ₦6.38 billion, representing a drop of -0.02%, to close at ₦36.92 trillion from ₦36.93 trillion yesterday.
