The Nigerian Exchange (NGX) equity section lost more than N883 billion midweek, reversing the prior trend, as some investors started to take an early profit on a few high-quality tickers. According to certain stockbrokers, selling rallies on companies like FBNH, Dangote Cement, and Nestle Nigeria among others helped the reversal of the prior trend.
The Nigerian Exchange All-share index fell by 247 basis points to 64,046.93 points, according to market experts and stockbrokers for Broadstreet, in sharp contrast to its strong performance on Tuesday at 65,669.29 points. On significant equities that have lately seen a strong increase, the local stock exchange noted profit-taking actions. Futureview Financial Services Limited claims that 63 stocks were affected by the withdrawal of investors.
DANGCEM, which saw a 9.63% price decline despite its share repurchase program, was the last stock to be monitored. In the middle of a shareholder controversy, FBNH fell 10%. NESTLE, a fallen angel FMCG stock that has been attempting to re-join the N1 trillion club, decreased by 1.34%. DANGSUGAR fell 1.27%, and ACCESSCORP lost 4.16% of its open market valuation.
Given the large market loss, the year-to-date return has reduced to 24.97%, coinciding with a drop in market capitalization. Futureview’s stock traders informed investors that investors suffered a huge loss of a colossal N883.39 billion as a result of the financial environment.
According to information from the local bourse, market activity rose for the day. A total of 1.16 billion units worth N12.69 billion were traded, a 37.7% rise in total volume.
UBA was the most traded stock in terms of volume, accounting for 15.30% of the total volume of trades, followed by JAPAULGOLD (9.49%), TRANSCORP (7.50%), FCMB (7.44%), and ACCESSCORP (5.63%) to complete the top 5 on the volume chart.
Also, UBA was also the most traded stock in value terms, with 19.25% of the total value of trades on the exchange.
Nigeria’s stock market report indicates that performance across sectors was broadly bearish, following losses in the Insurance (-5.4%), Industrial Goods (-5.4%), Banking (-2.6%), Consumer Goods (-0.8%), and Oil & Gas (-0.5%) indices.
As measured by market breadth, market sentiment was negative (0.2x) as 63 tickers lost relative to 11 gainers. VERITASKAP declined by 10.0% and ACADEMY dropped by 10.0%, to lead the most significant losses of the day. Meanwhile, DEAPCAP popped up by 10.0% and COURTVILLE jumped 10.0%, leading the gainers’ while 47 stocks closed flat.
Overall, the stock market capitalisation lost ₦883.39 billion, representing a drop of -2.47%, to close at ₦34,874.19 trillion from ₦35,757.58 trillion the previous day.
