NGX Halts Winning Streak, Down By N89.14bn

Samuel mobolaji

The equities market of the Nigerian Exchange (NGX) on Monday began this week trading activities on bearish trend to halt its three-day winning streak as the market capitalisation depreciated by N89.14billion to close at N28.51trillion from N28, 602.13 trillion recorded at the last trading session.

Large stocks offloaded by local investors dragged the Nigerian bourse lower as stockholders exited bad positions ahead of fourth quarter 2022 earnings releases. Thus, the NGX key performance indicators declined by 0.31 per cent.

Following a decline in the All-share index and market capitalisation, year-to-date return also moderated to 2.14 per cent from 2.5 per cent reported last week Friday.

Market data show that the All-Share Index inched lower by 163.66 basis points to close at 52,348.82.  Despite sell pressures, market activities were up.

Stockbrokers said in their market briefs that total volume and total value traded for the day increased by +2.16 per cent and +27.34 per cent respectively.

Atlass Portfolios Limited told clients via email that approximately 221.85 million units valued at ₦3.249.70 million were transacted in 5,219 deals.

According to the trading data obtained from the local bourse, UBA was the most traded stock in terms of volume. The Pan African lender shares traded accounted for 10.35% of the total volume of trades.

The bank was followed by GTCO (9.04%), TRANSCORP (6.58%), FBNH (6.37%), and ZENITH BANK (6.10%) to complete the top 5 on the volume chart. With a size advantage, GTCO was the most traded stock in value terms. The orange brand financial service group accounted for 14.85% of the total value of trades on the exchange.

PRESCO topped the advancers’ chart with a price appreciation of 9.67 percent, trailed by WAPIC which gained 9.52 per cent, FTNCOCOA priced upward by 7.14 per cent, ABCTRANS gained 6.90 per cent RTBRISCOE popped higher by 6.90 per cent in addition to other fifteen listed companies shares.

In their briefs, stockbrokers said twenty-two stocks depreciated in the local bourse as buying sentiments waned. PRESTIGE was the top loser with a price depreciation of -8.70% to close at N0.42.

LIVESTOCK lost 7.69 per cent, MBENEFIT fell by 6.25 per cent, HONYFLOUR declined by 6.22 per cent and LASACO tumbled by 6.06 per cent, according to NGX charts.

Similarly, the market breadth closed negative, recording 20 gainers and 22 losers.

At the close of the trading session, sector performance was negative. NGX data shows that three out of the five major market sectors went down.

The banking sector index dropped off 3.39 per cent, followed by the Industrial sector index which shed 0.18 per cent while the Consumer goods sector lost 0.18.  Meanwhile, the Insurance and Oil & Gas sector grew by +0.39 per cent and +0.09 per cent respectively.