Due to profit-taking in equities, the Nigerian Exchange (NGX) lost almost N21 billion on Monday. As a result, leading market performance metrics decreased by -0.04% prior to the 2024 earnings season’s second quarter.
Stockbrokers ascribed the negative performance of the local exchange to profit-taking in a few significant market segments, most notably the Insurance sector, which saw a -1.17% decrease. The market index, also known as the All-Share Index, decreased by 36.66 basis points to settle at 100,020.83, according to statistics from the exchange.
Following last week’s spot rate adjustment in the fixed income market, trading activity decreased amid selloffs. According to figures from the Nigerian Exchange, the day’s total volume and value traded decreased by -46.11% and -62.44%, respectively.
In its market update, Atlass Portfolios Limited told investors that approximately 274.68 million units valued at ₦3,712.97 million were transacted in 10,112 deals.
UCAP was the most traded stock in terms of volume, accounting for 9.71% of the total volume of trades. The company was followed by LINKASSURE (8.72%), AIICO (5.18%), CWG (4.17%), and UNIVINSURE (4.05%) to complete the top 5 on the volume chart.
Also, UCAP was also the most traded stock in value terms, with 19.87% of the total value of trades on the exchange. LINKASSURE topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by AFRIPRUD with +9.76% price surge.
Other gainers are: UNITYBNK (+9.74%), WAPIC (+8.96%), SOVRENINS (+8.89%), ACADEMY (+8.15%), and fourteen others. NGX Trading data showed that twenty-seven stocks depreciated.
ETRANSACT was the top loser, with a price depreciation of -10.00%. Other decliners are: FIDSON (-9.70%), CORNERST (-9.52%), NGXGROUP (-6.38%), CHAMS (-4.17%), and ZENITHBANK (-2.52%).
At the close of trading session, the market breadth closed negative, recording 20 gainers and 27 losers. Also, the market sector performance was negative.
Today, four of the five major market sectors ended in red, led by the Insurance sector, which fell by – 1.17% followed by the Consumer goods sector which shed 0.11%. The Banking sector by decreased by 0.08% while the Oil & Gas sector lost 0.01%. The Industrial sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange lost ₦20.74 billion, representing a decline of -0.04%, to close at ₦56.58 trillion.
