NGX Sheds N66bn as Investors Sell Banks Shares

The Nigerian Exchange, NGX, on Wednesday sheds about N66 billion after investors dump large financial stocks, majorly tier-1 banks- and some industrial shares.

Today’s selling rallies on bellwether stocks halted the four successive sessions’ uptrend as the market performance indicators shed 0.26 per cent. Thus, the Nigerian Exchange All-Share Index shed 121.94 basis points representing 0.26 per cent depreciation to close at 47,360.79 points.

Equity market capitalisation slowdown by a total sum of ₦65.72 billion, representing a decline of 0.26 per cent to close at ₦25.52 trillion. Similarly, the market activities were bullish as the total volume and value dipped by 24.45 per cent and 46.99 per cent, respectively.

Atlass Portfolios Limited said in a market report that approximately 279.95 million units valued at ₦4.16 billion were transacted in 5.620 deals. TRANSCORP led as the most traded stock in terms of volume, accounting for 10.43 per cent of the total volume of trades.

The company was followed closely by UCAP (10.12%), ACCESS (6.31%), ZENITH BANK (6.25%) and FCMB (6.21%) to complete the top five on the volume chart.

Meanwhile, SEPLAT emerged as the most traded stock in value terms, with 19.86 per cent of the total value of trades on the exchange at midweek. ROYALEX topped the advancers’ chart with a price appreciation of 10.00 per cent.

The company was trailed by SEPLAT (9.33%), FCMB (8.12%), CHIPLC (1.79%), HONYFLOUR (1.32%), LASACO (0.96%), UNILEVER (0.70%) and eight (8) others. Market data shows that thirty-four (34) stocks depreciated, led by NIGERINS with a price depreciation of 10.00 per cent to close at ₦0.27.

NGXGROUP (-8.70%), DANGSUGAR (-7.69%), WAPCO (-7.69%), VITAFOAM (-4.48%), UACN (-4.00%), UCAP (-3.68%), ETI (-3.48%), TRANSCORP (-2.65%), ACCESS (-1.92%), UBA (-1.75%), GTCO (-1.11%) and ZENITHBANK (-0.19%) also dipped in price.

Following the selloffs recorded, the market breadth closed negative, recording 15 gainers and 34 losers. Also, sectorial performance was bearish as three of the five major sectors closed negatively compared to the previous session.

Banking (-1.32%), Consumer Goods (1.28%) and Industrial Goods (-0.55%). While the Oil & Gas and Insurance sector grew by 5.09% and 1.01%, respectively.

In the next trading session, Atlass Portfolios traders expect investors to reverse the negative sentiment as today’s price decline creates a higher dividend yield for investors. #NGX Sheds N66bn as Investors Sell Banks Shares