As listed firms flood the market with results releases, investors in stocks on the Nigerian Exchange (NGX) suffered a sharp decline in their combined value as a result of quick selloffs on banking tickers.
On the third day of the week, the domestic market closed down due to investor expectations of a yield repricing in the fixed income market.
The Nigerian Exchange All-Share index, which measures the market, fell by 0.21% on Thursday, causing the year-to-date return to lag below annual headline inflation. The NGX All-Share index closed at 100,156.96, down 208.21 basis points, or -0.21%, according to stockbrokers.
According to Atlass Portfolio Limited’s update, the market decline was caused by sell-offs in all of the key market sectors, with the banking sector leading the way with a -1.59% decline due to rising interest rates and inflation. Activities related to equity trading improved even with the selloffs. The overall rise in trading volume and value was +169.08% and +12.43%, respectively.
Stockbrokers reported in their individual reports that 8,198 deals totaling about 1,339.60 million units for ₦9,674.88 million were completed. With 14.61% of the total volume traded on Thursday in the local exchange, FIDELITYBK was the most traded stock in terms of volume.
To round out the top 5 on the volume ranking, further volume drivers include ZENITHBANK (11.10%), GTCO (7.40%), ACCESSCORP (6.37%), and FBNH (6.02%). ZENITHBANK became the most traded stock in value terms, with 21.29% of the total value of trades on the exchange.
CUSTODIAN topped the advancers’ chart with a price appreciation of 8.51 percent, trailed by LIVESTOCK with (+3.91%) growth, WAPIC (+3.90%), OANDO (+3.06%), UCAP (+2.70%), CAVERTON (+2.04%), and five others.
Twenty-four stocks depreciated, according to data from the Nigerian Exchange. OMATEK was the top loser, with a price depreciation of -10.00%. Other decliners are FCMB (-8.75%), CONHALLPLC (-7.14%), FTNCOCOA (-3.07%), FBNH (-2.79%), and ZENITHBANK (-2.57%).
Given the trading direction, market breadth closed negative, recording 12 gainers and 24 losers. Similar to overall market performance, it was majorly bearish for the sectors, with 4 out of the 5 sectors closing in red.
Banking (-1.59%), Insurance (-0.72%), Consumer Goods (-0.32%), and Industrial Goods (-0.01%) closed down, owing to selloffs in ZENITHBANK (-2.57%), CONHALLPLC (-7.14%), DANGSUGAR (-2.56%), and CUTIX (-9.51%), respectively. The Oil and Gas index (+0.01%), however, closed positive due to interest in OANDO (+3.06%).
Overall, the equities market capitalisation of the Nigerian Exchange lost N117.90 billion in today’s trading session to close at ₦56.71 trillion.
