Equities Investors Lose N221bn as NGX Slides Further
Equities investors lost about N221 billion on Monday as the Nigerian Exchange (NGX) market capitalisation declined further. The local bourse closed negative last week, losing about N623 billion. The market has been bleeding over the past two weeks as investors began to rebalance portfolios ahead of the first-quarter earnings release.
Large banks reported earnings that were impressive, but because of the high yield in the fixed income market, the results did not change the direction of the market. The equities market key performance indicators dropped by -0.38%, according to data obtained for review from the Nigerian bourse on Monday.
In its update, Atlass Portfolios Limited said the local market continued from where it stopped in the previous week, as sell-off was dominant in the Banking and Consumer goods sectors. Then, the market index (All-Share Index) decreased by 390.44 basis points today, representing a decline of -0.38% to close at 103,047.23.
Stockbrokers stated that market activities slipped today. Total volume and total value traded for the day decreased by -89.03% and -82.80% respectively. Approximately 245.86 million units valued at ₦3,221.90 million were transacted in 5,302 deals.
ABBEYBDS was the most traded stock in terms of volume, accounting for 34.49% of the total volume of trades. The mortgage company was followed by GTCO (8.41%), ACCESSCORP (8.11%), TRANSCORP (4.35%), and ZENITHBANK (4.05%) to complete the top 5 on the volume chart.
GTCO was the most traded stock in value terms, with 21.99% of the total value of trades on the exchange. MORISON topped the advancers’ chart for today with a price appreciation of 9.91 percent.
The ticker was trailed by OMATEK with (+7.69%) growth, CWG (+5.93%), LINKASSURE (+5.56%), STERLINGNG (+5.32%), AIICO (+3.54%), and eleven others.
Twenty-four stocks depreciated, according to information from the local bourse. ABBEYBDS was the top loser, with a price depreciation of -9.75%. Also on the loser chart are CHAMPION (-9.68%), CHAMS (-2.06%), CONHALLPLC (-7.01%), ROYALEX (-5.63%), and FBNH (-4.75%).
Based on trading direction, the market breadth closed negative, recording 17 gainers and 24 losers. Also, the market sector’s performance was negative. Two of the five major market sectors were down, including the Banking sector, which dropped by -2.67% while the Consumer goods index shed 0.27%. The Insurance, Oil & Gas, and Industrial sectors closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange shrank by ₦220.81 billion, representing a drop of -0.38%, to close at ₦58.28 trillion.
