The selling of shares in MTN Nigeria, Lafarge WAPCO, Champion Breweries, and other companies by investors who were trading highs and lows resulted in a loss of around N134 billion for the Nigerian Exchange (NGX) on Thursday.
Prior to the second quarter of the 2024 earnings season, there was a sharp increase in purchasing interest in banking and insurance companies, which caused the market to soar. Numerous businesses have already announced times of closure, prohibiting insider trading.
Amidst unfavorable trading activities on the market, year-to-date gains moderated, and key performance indicators fell by -0.24%. Strong profit-taking was observed by stockbrokers in blue-chip companies. Furthermore, additional Fidelity Bank transactions were made.
The NGX All-Share Index decreased by 236.16 basis points to settle at 100,063.32 points, according to the stock market data. Nevertheless, market activity increased in spite of the fact that the market ended the day in red.
Total volume and total value traded increased by +152.36% and +164.30%, respectively, Atlass Portfolios Limited said in its market update. Stockbrokers at the firm stated that approximately 863.58 million units valued at ₦12,561.86 million were transacted across 7,931 deals.
Based on trading details, FIDELITYBK was the most traded stock in terms of volume, accounting for 62.57% of the total volume of trades. The Tier-2 lender was followed by GTCO, which accounted for 6.89% of traded volume.
Other volume drivers include VERITASKAP (4.69%), UBA (4.17%), and ZENITHBANK (2.79%). FIDELITYBK also emerged as the most traded stock in value terms, with 45.06% of the total value of trades on the exchange.
Ticker: OANDO topped the advancers’ chart with a price appreciation of 9.93 percent, trailed by CONOIL with a +9.52% price appreciation. Other gainers include VERITASKAP (+9.38%), NEIMETH (+8.61%), JAIZBANK (+7.55%), FTNCOCOA (+7.32%), and eighteen others.
Due to the bearish move, twenty-four stocks depreciated, according to stockbrokers. DAARCOMM was the top loser, with a price depreciation of -8.33%. Other decliners are GUINEAINS (-7.69%), UPL (-6.67%), MTNN (-6.54%), CHAMPION (-6.00%), and WAPCO (-1.41%).
Meanwhile, the market breadth closed on par, recording 24 gainers and 24 losers. In addition, the market sector’s performance ended on a positive note. On sectoral performance, three out of the five major market sectors closed positively.
The banking sector grew by +2.12%, followed by the oil & gas sector, which gained 1.43%, while the insurance sector rose by 0.15%. On the other hand, the industrial and consumer goods sectors dropped by -0.06% and -0.01%, respectively.
Overall, the equities market capitalization of the Nigerian Exchange declined by ₦133.59 billion to close at ₦56.60 trillion.
