The Nigerian Exchange (NGX) market capitalization fell yesterday by N158 billion during the midweek sales as investors finalized sell orders in addition to profit-taking on MTN Nigeria shares . The equities market’s bearish trading activities returned the previous day’s profit, dragging year-to-date return backward while the market index fell by -0.43%.
According to the statistics office, data from the local bourse revealed that the year-to-date return has already dropped below 30%, although it is still higher than the annual inflation rate of 25.8%. The 3.85% price decline in MTNN had a significant impact on stockbrokers’ market performance. Losses in 17 other counters, including banking names FIDELITYBK (-3.57%), WEMABANK (-10.00%), and STERLINGNG (-2.72%), also contributed to the selloff.
Screening data from the local exchange shows that market returns have now decreased to 29.72%, with a 158 billion yen reduction in investor wealth. The market index (All-Share Index) decreased by 288.69 basis points, or a loss of -0.43%, to close at 66,482.28 as a result of the bearish grip.
However, market activities were up, as the total volume and total value traded for today increased by +80.48% and +19.38% respectively. In its market report, Atlass Portfolios Limited told investors that approximately 657.52 million units valued at ₦4,597.42 million were transacted in 6,646 deals.
UNIVINSURE was the most traded stock in terms of volume, accounting for 51.19% of the total volume of trades. The Insurer was followed by FIDELITYBK (4.82%), CHIPLC (3.82%), GTCO (3.75%), and WEMABANK (3.66%) to complete the top 5 on the volume chart.
Today, GTCO is the most traded stock in value terms, with 19.27% of the total value of trades on the exchange. OANDO topped the advancers’ chart with a price appreciation of 9.88 per cent.
The energy company was trailed by REDSTAREX (9.81%), TRIPPLEG (+9.68%), RTBRISCOE (+9.43%), UNIVINSURE (+9.09%), and twenty-four others.
In total, twenty-one (stocks depreciated, where IKEJAHOTEL and WEMABANK were the top losers, with a price depreciation of -10.00% each. ROYALEX (-8.00%), MTNN (-3.85%), NGXGROUP (-3.69%), FIDELITYBK (-3.57%), and FIDSON (-2.42%) also dipped in price.
Despite the contraction in the benchmark index, market breadth expanded to 1.33x as against 0.83x recorded yesterday, with 28 gainers outstripping 21 losers. Based on the trading record, the market sector performance closed at par. The Insurance and Consumer goods sectors were up by +0.28% and +0.18% respectively.
The Banking and Industrial sectors declined marginally by -0.02% and -0.01% accordingly. The Oil & Gas sector closed unchanged. Overall, equities market capitalisation declined by ₦158.01 billion, representing a decline of -0.43%, to close at ₦36.39 trillion from ₦36.54 trillion yesterday.
