On Thursday, the market value of the Nigerian Exchange (NGX) decreased by nearly N140 billion as equity investors realized gains in companies with small, midsize, and big market values, including Fidelity Bank, Access Plc, Zenith, Nestle, and MTN Nigeria.
As a result of the bearish sentiment becoming more intense following the exchange’s midweek rise, the key performance indicators plummeted by 0.38%. After the sell-offs, the stock market’s year-to-date return reduced to 30.92%, which is still much higher than the annual inflation rate of 26.72% projected for September 2023.
In a market update, Atlass Portfolios Limited informed investors that the market index, also known as the Nigerian Exchange All-Share Index, fell by 254.43 basis points today, or a loss of -0.38%, to close at 67,098.80 points.
As was to be predicted, market activity plummeted amid economic uncertainty in Nigeria. For the day, there was a -24.87% decline in total volume traded and a -4.60% decline in total value exchanged.
Stockbrokers at Atlass Portfolios Limited reported that 5,453 trades totaling roughly 298.69 million units valued at 4,483.17 million were completed.
UBA accounted for 18.86% of all trade activity, making it the most actively traded stock in terms of volume. Following the Pan African Lender’s shares in the top 5 on the volume list were FIDELITYBK (11.35%), ACCESSCORP (7.43%), TRANSCORP (7.31%), and ELLAHLAKES (6.77%).
Given the general trend, UBA was the most actively traded stock in terms of value, accounting for 23.51% of all deals on the exchange. Leading the advancers’ leaderboard was LEARNAFRCA topped the advancers’ chart with a price appreciation of 10.00 per cent.
The stock was trailed by DAARCOMM (9.52%), UPDC (+8.00%), THOMASWY (+6.80%), SUNUASSUR (+6.67%), and eleven others. Twenty-five stocks depreciated, according to data from the Nigerian Exchange.
MCNICHOLS was the top loser, with a price depreciation of -8.82%. OMATEK lost 8.70%, STANBIC plunged by 8.49%, ACCESSCORP bumped by 2.39%, NASCON dipped by 1.72%, and ZENITHBANK declined by 0.75%.
Based on the trading activities pattern spotted, the market breadth closed negative, recording 16 gainers and 25 losers. In addition, the market sector performance closed negative.
Three of the five major market sectors were down, led by the Insurance sector, which declined by (-1.08%), followed by the Banking sector by (-1.04 %), and the Consumer goods sector by (-0.28%), while the Industrial and Oil & Gas sectors closed flat.
Overall, the equities market went down by ₦139.79 billion, representing a drop of -0.38%, to close at ₦36.86 trillion from ₦37.00 trillion the previous day.
