NGX Equities Investors Down N70bn As Indexes Drop Further

Equity investors lost more than N70 billion on the Nigerian Exchange (NGX) as purchasing sentiment faded. The dismal trading day was fueled by weak sentiment in Guinness and African Prudential, among others.

Stockbrokers reported that key performance indices, such as the NGX-ASI and Market Capitalization, fell by 0.12% on Tuesday. At the completion of the trading session, the All-Share Index fell 121.89 basis points to 97,584.81.

Market observers ascribed the decline to profit-taking in recently valued medium- and large-cap companies. Tickers: GUINNESS, OANDO, and GTCO all lost money as a result of selling. However, market activity was mixed, with total volume traded down by 45.05% and total value moved up by 39.92%.

In its market, stockbrokers at Atlass Portfolios Limited said approximately 719.11 million units valued at ₦8,341.40 million were transacted across 9,435 deals.

WAPIC was the most traded stock in terms of volume, accounting for 55.97% of the total volume of traded in the market. Other volume drivers include FIDELITYBK (6.95%), ACCESSCORP (3.54%), UBA (3.21%), and VERITASKAP (1.94%).

SEPLAT also emerged as the most traded stock in value terms, with 26.92% of the total value of trades on the exchange.

REGALINS topped the advancers’ chart with a price appreciation of 10.00 percent. Other gainers include PZ (+8.78%) growth, CUTIX (+5.60%), DEAPCAP (+5.59%), TIP (+5.26%), MCNICHOLS (+5.19%) and twenty others.

Twenty-nine stocks depreciated, according to data from the Nigerian Exchange. GUINNESS was the top loser, with a price depreciation of -10.00%. Other decliners include AFRIPRUD (-9.86%), INTBREW (-9.07%), OANDO (-5.84%), JAPAULGOLD (-3.82%), and DANGSUGAR (-1.23%).

The market breadth closed negative, recording 26 gainers and 29 losers. On the other, the market sector performance was positive, as three of the five major market sectors were up,

The oil & gas sector grew by +1.98%, followed by the insurance sector, which gained +0.86%, while the industrial sector rose by +0.01%. The consumer goods and banking sectors declined by 1.73% and 0.50%, respectively. Overall, the equities market plunged by ₦70.04 billion, representing a decline of 0.12%, settling at ₦56.08 trillion.