On the Nigerian Exchange (NGX), stock investors lost almost N2 billion during the middle of the week. The sell pressure in banking names and other stocks was followed by a drop in market capitalization.
Key performance indicators were unchanged as a result of a minor decline in the market value of all listed stocks. The Nigerian Exchange’s data revealed that although the year-to-date return moderated ahead of inflation figures, the All Share Index decreased.
In its market update, Atlass Portfolios Limited stated that cautious trading across the main market sectors was the cause of the market’s slight fall. Stockbrokers reported that in just three days, investor worth had decreased by ₦124 billion.
The market index closed at 99,802.08, down 3.87 basis points, or -0.004%, as a result of a gloomy trading day. However, market activities were mixed, according to data from the Exchange. Total volume traded for the day increased by +121.24%, while the total value dropped by -78.06%.
According to trading results from the local bourse, approximately 935.15 million units valued at ₦11,839.83 million were transacted across 8,160 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 74.71% of the total volume of trades. The tier-2 bank was followed by ZENITHBANK (3.89%), UBA (2.82%), GTCO (1.55%), and VERITASKAP (1.49%) to complete the top 5 on the volume chart.
The volume driver, FIDELITYBK, also emerged as the most traded stock in value terms, with 61.43% of the total value of trades on the exchange.
ABCTRANS topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by ETERNA with (+9.88%) growth, LIVESTOCK (+9.63%), VITAFOAM (+9.44%), REDSTAREX (+8.98%), RTBRISCOE (+7.69%), and twenty others.
NGX market update showed that twenty-two stocks depreciated as investors’ book profit ahead of earnings release. Thomas was the top loser, with a price depreciation of -10.00%.
Other decliners include DAARCOMM (-8.77%), ROYALEX (-4.11%), WEMABANK (-3.57%), JAPAULGOLD (-2.53%), and UBA (-1.30%). Despite the fact that investors were in selling mood, the market closed positive, recording 26 gainers and 22 losers.
In addition, the market sector performance was positive, as three of the five major market sectors advanced. The oil and gas sector grew by +0.37%, followed by the Consumer goods sector, which gained +0.34%, while the Industrial sector popped up +0.02%.
The Banking and Insurance sectors were down by -0.39% and -0.18%, respectively. Overall, the equities market capitalization declined by ₦2.18 billion to close at ₦56.46 trillion.
