Tuesday saw a more than N183 billion drop in the market capitalization of the Nigerian Exchange (NGX) as stockbrokers and investors in stocks offloaded shares in consumer goods and banking.
The local exchange fell as a result of the unfavorable trade amid the results announcements from listed corporations. reversing the gains of the previous day due to a -0.33% decline in the market performance indices. Stockbrokers claim that profit-taking in a few significant market segments caused the yield to drop even more, signaling that the equity market has reached an overbought level.
The market index All-Share Index fell by 334.62 basis points today, or -0.33%, according to NGX statistics, closing at 101,707.70. The conclusion of market activity was uneventful, nevertheless. The day’s overall trading volume rose by +8.56%, although the total value traded reduced by -16.09%, according to Atlass Portfolios Limited.
Stockbrokers reported that approximately 263.19 million units valued at ₦4,300.63 million were transacted in 8,614 deals. VERITASKAP was the most traded stock in terms of volume, accounting for 18.67% of the total volume of trades. The company was followed by UBA (9.26%), FIDELITYBK (7.64%), TRANSCORP (6.82%), and ZENITHBANK (6.10%) to complete the top 5 on the volume chart.
UBA was the most traded stock in value terms, with 13.67% of the total value of trades on the exchange. HONYFLOUR topped the advancers’ chart for today with a price appreciation of 9.92 per cent. The food producer company stock was trailed by JULI with (+9.90%) growth, CORNERST (+9.88%), ABCTRANS (+9.76%), VERITASKAP (+9.59%), NCR (+9.09%), ROYALEX (+9.09%) and seventeen others.
Based on data from the domestic bourse, twenty-eight stocks depreciated, according to Atlass Portfolios Limited. PZ was the top loser, with a price depreciation of -9.87%. Other stocks that recorded negative price movements include MORISON (-9.84%), ETRANZACT (-9.70%), GUINNESS (-5.22%), WEMABANK (-5.20%), and ZENITHBANK (-3.79%).
Hence, the market breadth closed negative, recording 24 gainers and 28 losers. In addition, the market sector performance was negative, as three of the five major market sectors were down. The Banking sector declined by -1.85%, followed by the Consumer goods sector which fell by -0.22%, and the Industrial sector was down by 0.10%.
The Insurance and Oil & Gas sectors were up by +1.13% and +0.09% accordingly. Overall, the equities market of the Nigerian Exchange lost ₦183.10 billion to close at ₦55.65 trillion.
