Monday’s performance of the Nigerian stock market is negatively impacted by equity selloffs, which causes a drop in market capitalization. This puts an end to four days of bargain shopping in the local exchange during a big feast on Geregu shares.
Following the president of Nigeria’s statement in favor of the market last week, the market value exploded with a gain of nearly N1.6 trillion per week. The local bourse was very little influenced by transactions involving market giants MTN Nigeria, Dangote Cement, Airtel Africa, BUA Cement, and BUA Foods Plc.
Geregu Power Plc lost N4.75 billion to selloffs despite a record number of transactions. More than 55% of the overall loss suffered in the stock market was attributable to the downturn. Key market performance indicators fell by -0.03%, according to data from the Nigerian Exchange (NGX), as investors made an early profit.
The year-to-date return on the stock market slowed to 8.89% as the local stock exchange entered a negative phase. The market index, often known as the All-Share Index, fell by 15.73 basis points to end the day at 55,807.09 points. The overall volume traded decreased by -18.87%, while the total transaction value exchanged grew by +224.33%, thus market activity was mixed.
In a market report, Atlass Portfolios Limited informed investors that 7,221 transactions totaling roughly 369.78 million units valued at 19,841 million were completed.
With 14.20% of all transactions, GEREGU was the most actively traded stock in terms of volume, followed by NPFMCRFBK (13.53%), ACCESSCORP (12.51%), ZENITH BANK (7.78%), UBA (4.39%), and GEREGU (4.39%).
With 82.48% of the total amount of trades on the exchange, GEREGU was also the most traded stock in terms of value. NEM and OMATEK, both of which had price increases of ten percent, were at the top of the list of advancers.
The two companies were followed in price appreciation by twenty additional stocks, including CONOIL, which rose 9.94%, MRS, which jumped 9.94%, ETERNA, which rose 9.73%, and UBN, which rose 9.72%.
Twenty-seven equities, including JOHN HOLT, the biggest loser with a price decline of 9.95% to end at $1.72, were reported by stockbrokers as declining. In that class, CHAMS fell by 9.76%, while COURTVILLE lost 9.80%. WAPIC decreased by 8.70%, while ACADEMY dropped by 7.89%. As a result, the market breadth recorded a small negative closing closure.
In addition, the market sector performance closed positively, as four of the five major market sectors were up. The Oil & Gas sector (+2.55%), followed by the Insurance sector (+1.31%), the Banking sector (+0.27%), and the Consumer goods sector (+0.06%), while the Industrial sector dropped by -0.03%.
Overall, equities market capitalisation lost ₦8.57 billion, representing a slight decline of -0.03% to close at ₦30,387.30 trillion from ₦30,395.87 trillion last week Friday.
