Stocks market extends losing streak by N5.38bn

Stocks market extends losing streak by N5.38bn

The equities segment of the Nigerian Exchange (NGX) on Tuesday further extended its losing streak as profit-taking dragged the market capitalisation to fall by N5.38 billion to close at N23,861.17 trillion from N23,866.55 trillion previous trading session.

At the close of yesterday’s session, the market key performance indicators plunged as retail and institutional investors continued to adjust their equities investment portfolios downward amidst rising yields in the fixed-income market.

Data from the Nigerian Exchange show that the All-share index dropped by 0.02 per cent, keeping year-to-date return at 2.6 per cent at the time when headline inflation galloped to 21, 09 per cent in October 2022, according to the statistics office.

The Nigerian Exchange All-share index declined by 9.87 basis points to close at 43,808.25 points, away from the 44,000 psychological level.

Meanwhile, activities level slowdown was down amidst the selling rallies. Total volume and total value traded for the day were reduced by -44.70 per cent and -53.20 per cent respectively.

Citing data from the stock exchange, Atlass Portfolios Limited said approximately 103.47 million units valued at N1, 186.58 million were transacted in 3,045 deals. FBNH was the most traded stock in terms of volume, accounting for 11.01 per cent of the total volume of trades recorded on the exchange.

The tier-1 lender was followed by TRANSCORP (10.94%), FIDELITYBK (10.00%), ACCESSCORP (8.44%), and GTCO (5.77%) to complete the top 5 on the volume chart.

BUAFOODS was the most traded stock in value terms, with 18.68 per cent of the total value of trades on the exchange, according to stockbrokers’ market reports. CWG and LEARNAFRCA both topped the advancers’ chart with a price appreciation of 10.00 percent.

The duo was trailed by CAVERTON which appreciated by 8.75 per cent. Again, PRESTIGE rallied with 8.33 per cent share appreciation on Tuesday.

There was JAPAULGOLD on the gainers’ chart with a 7.41 per cent share price gain while ACADEMY rose by 6.84 per cent apart from the other nine companies’ shares that were upbeat. The local bourse trading data show that thirteen stocks depreciated topped by WAPCO with a price depreciation of -9.66 per cent to close at N20.10.

Royal Exchange Plc lost 9.41 per cent, trailed closely by 9.09 per cent price depreciation recorded in Cornerstone Insurance. UPDCREIT was down by 8.93 per cent, followed by FTNCOCOA with 8.82 per cent share price decline- the company recently announced a plan to issue shares to cancel debts.