Investors’ selling of FBNH, MTNN, and other stock interests resulted in a roughly N104 billion decrease in the market capitalization of the Nigerian Exchange (NGX) stocks. The Nigerian Exchange’s main performance indicators fell by -0.18% as trading operations closed negative due to market reaction to an interest rate hike.
Profit-taking in a few medium- and large-scale equities, like FBNH, MTNN, and others, was the cause of the downward trend. Since the yield in the fixed income market is still high, investors are starting to lose faith in equities. As a result, according to Atlass Portfolios Limited’s market report, the market index, or All-Share Index, fell by 183.88 basis points, or -0.18%, to close at 103,952.47.
Stockbrokers reported a mixed bag of activity in the market. Data from the equity market indicated that the day’s overall trading volume rose by +22.03%. The whole value exchanged decreased by -0.81% in the interim. In 8,689 transactions, around 374.41 million units valued at ₦11,291.01 million were exchanged, according to a market update from Atlass Portfolios Limited.
With 17.98% of the total volume of trades, GTCO was the most traded stock in terms of volume. To round out the top 5 on the volume table, the orange brand financial services firm was followed by UBA (13.78%), ZENITHBANK (11.37%), ACCESSCORP (8.92%), and FIDELITYBK (8.04%).
Based on size advantage, GTCO was also the most traded stock in value terms, with 28.97% of the total value of trades on the exchange. ABBEYBDS topped the advancers’ chart with a price appreciation of 10.00 percent. The mortgage firm was followed by CONHALLPLC with (+9.92%) growth, JULI (+9.80%), MAYBAKER (+9.69%), INTENEGINS (+9.63%), CWG (+9.24%), and twenty others.
Twenty-four stocks depreciated, according to stock market data. UPDC was the top loser, with a price depreciation of -9.87%. On the loser chart are: UCAP (-8.75%), FTNCOCOA (-8.00%), INTBREW (-5.01%), FBNH (-3.57%), and ACCESSCORP (-2.12%). At the close of the trading session, the market breadth closed positive, recording 26 gainers and 24 losers. Despite the negative trend, the market sector performance closed at par.
The consumer goods and Industrial sectors dropped by -0.12% and -0.01% accordingly, while the Insurance and Banking sectors grew by +0.23%, and +0.07% respectively. The Oil & Gas sector closed unchanged. Overall, equities market capitalisation declined sharply, losing ₦103.97 billion, to close at ₦58.78 trillion.
