Today’s trading activity on the stocks market of the Nigerian Exchange (NGX) ended in the red due to new selloffs sparked by economic uncertainty in the country ahead of the 2023 presidential election.
According to statistics from the Lagos bourse, key performance indicators decreased by 0.06% as a result of profit-taking after significant rallies at the start of the week, with a moderate increase in year-to-date return.
On Tuesday, selloffs reduced the year-to-date return to 5.73%, and investors suffered a loss of 19 billion. Stockbrokers said that market activity leveled up slightly in their separate daily market briefings. On the day, the total volume and total value of trades climbed by +66.08% and +183.70%, respectively.
According to a report from stock dealers at Atlass Portfolios Ltd, 2,950 transactions totaling about 254.17 million units worth $15,577.14 million were made.
By volume, GTCO was the most actively traded stock, making up 24.53% of all deals. The top 5 on the volume chart were completed by ZENITHBANK (11.87%), ACCESSCORP (8.74%), UBA (5.68%), and FIDELITYBK (4.47%), all of which were in the financial services sector.
At 25.38% of the total value of trades on the market, GTCO was also the most traded stock in terms of volume. MRS topped the list of advancers with a price increase of 10,000%.
The oil company’s positive share price movement was trailed by TRIPPLEG which gained 9.63%, AIICO popped higher by 1.69%, UPDCREIT advanced by 1.64%, JAIZBANK rose by 1.11% and four others recorded an uptick.
Fifteen stocks depreciated, where VERITASKAP was the top loser, with a price depreciation of -4.76% each, as LINKASSURE (-4.44%), INTBREW (-4.26%), TRANSCORP (-4.03%), and ACCESSCORP (-1.63%) also dipped in price.
Data indicates that the market breadth closed negative, recording 9 gainers and 15 losers while NGX indices closed negative as three out of the five major market sectors were down.
The Banking sector index which lost 0.38% led the decliners chart, followed by the Insurance sector index which tumbled by 0.22% including a 0.16% record loss in the Consumer goods sector index.
The Oil & Gas sector grew by +0.28%, while the Industrial sector was unchanged. Overall, stock market capitalisation declined by ₦19.09 billion to close at ₦29,519.81 trillion from ₦29,538.90 trillion yesterday.
