NGX Declines by N5.7bn as Investors Exit Positions

The equities market capitalisation of the Nigerian Exchange (NGX) declined by N5.7 billion due to investors that exited their positions in banking names. The negative price movement caused key performance indicators to decline by 0.01% while the year-to-date return moderated further. 

Trading records revealed that the market index, or All-Share Index, reduced by 9.95 basis points to close at 97,477.19 points. The market downturn was driven by sell-offs in key market sectors, extending the market’s decline for the third consecutive day.  Over the last three days, the local market has witnessed a total loss of ₦132 billion in investors’ wealth, stockbrokers at Atlass Portfolio Limited told investors.

In line with trading direction, trading activities on the Nigerian bourse dipped. Total volume and total value traded fell by 22.01% and 33.07% respectively. In its market update, Atlass Portfolios Limited told investors that approximately 277.75 million units valued at ₦4,653.19 million were transacted across 7,091 deals.

FIDELITYBK was the most traded stock in terms of volume, accounting for 15.62% of the total volume of traded on the Nigerian Exchange. Other volume drivers include UBA (11.06%), ZENITHBANK (9.21%), LASACO (7.97%), and ACCESSCORP (6.65%) to complete the top 5 on the volume chart.

ZENITHBANK emerged as the most traded stock in value terms, accounting for 20.59% of the total value of traded on the exchange. REGALINS topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by CAVERTON which gained +9.73%.

Other gainers include ROYALEX (+8.70%), ABCTRANS (+8.20%), UPL (+7.14%), GUINNESS (+6.21%) and sixteen others.  In the market, twenty-two stocks depreciated, according to data from the domestic bourse. DAARCOMM was the top loser, with a price depreciation of -10.00%.

Other decliners include LIVESTOCK (-9.88%), FIDSON (-9.71%), CONHALLPLC (-9.29%), AFRIPRUD (-3.74%), and JAPAULGOLD (-2.82%). Given the market direction, the market breadth closed par, recording 22 gainers and 22 losers.

Today, the market sector performance was negative, as three of the five major market sectors were down, led by the banking sector, which dropped by 0.22%. Also, the oil & gas sector dipped by -0.13% while the consumer goods sector fell by 0.05%.

The industrial and insurance sectors closed flat. Overall, the equity market capitalisation of the Nigerian Exchange fell by ₦5.72 billion to ₦56.01 trillion. #NGX Declines by N5.7bn as Investors Exit Positions