Following Notore Chemical’s listing of privately sold shares on the local exchange, the market capitalization of the Nigerian Exchange (NGX) increased by approximately N112 billion on Monday. With conflicting results from key performance indicators, the local market started the new week’s trading operations on a negative note.
Market capitalization increased by +0.20%, but the all-share index fell by -0.07%. To conclude, at 98,132.15, the market index dropped by 69.34 basis points. On the other hand, stockbrokers stated that the capitalization of the equity market increased by ₦111.77 billion, ending at ₦55.72 trillion.
The difference in the indicators, according to Atlass Portfolios Limited, is because Notore Chemical Industries Plc listed 2,418,099,300 Ordinary Shares of 50kobo through private placement on the Exchange today at ₦43.75 per share.
The market experienced sell-offs in some medium- and large-scale stocks, such as NASCON and ZENITHBANK, amidst rising economic tension and a windfall tax on bank FX gains.
Due to the bearish display, market activities were down. Total volume and total value traded dropped by -65.64% and -59.69%, respectively, according to data from the Lagos bourse. Stockbrokers reported that approximately 379.13 million units valued at ₦8,706.77 million were transacted across 10,096 deals.
UBA was the most traded stock in terms of volume, accounting for 18.23% of the total volume of trades, followed by FBNH (6.58%), ACCESSCORP (6.31%), UNIVINSURE (5.86%), and GTCO (5.54%).
SEPLAT emerged as the most traded stock in value terms, accounting for 31.14% of the total value of trades on the exchange at the beginning of the week.
AFRIPRUD topped the advancers with a price appreciation of 10.00 percent, trailed by CUTIX, which surged by +9.90%. Other gainers include ETERNA (+9.88%), OANDO (+9.83%), CUSTODIAN (+9.80%), NSLTECH (+9.52%), and sixteen others.
Today, twenty-one stocks depreciated in the equities market, and CAVERTON was the top loser, with a price depreciation of -10.00%. Other decliners include WAPIC (-9.30%), NEIMETH (-7.65%), ZENITHBANK (-3.63%), TRANSCORP (-1.68%), and FTNCOCOA (-0.60%).
At the end of the trading session, the market breadth closed positive, recording 22 gainers and 21 losers. The market sector performance was, however, negative, as three of the five major market sectors were down.
The banking sector declined by 1.01%, followed by the consumer goods sector, which shed -0.07%. Also, the industrial sector fell by 0.01%. The oil and gas and insurance sectors grew by +1.32% and +0.15%, respectively.
