DANGCEM, UACN Wipe Off NGX Equity Market Gains Of Two Days

Trading on the floor of the NGX equity market took a disappointing turn as the gains achieved in the past two days of trading were wiped off.

As a result of this unfortunate event, the ASI dipped by 1.77% from its previous day's position of 42,435.16 basis points to close at 41,685.22 basis points. Thus, this decline represents not only a -1.77% drop but also a massive loss of 749.94 basis points to the all-share index.

Accordingly, the year-to-date stayed positive at +3.51%, as the all-share index, despite the sudden decline, still gravitated towards the 52-week high of 43,730.55.

Unfortunately, the NGX equity market lost NGN391.32 billion of its market share value as its market capitalization closed at NGN21,751.3 trillion as against the previous day's position of NGN22,142.62 trillion.

Despite the aggressive efforts to drive the bullish momentum initiated by FBNH, ACCESS, OANDO, ZENITHBANK, and STERLNBANK, the early gains made by activities on these capitalized stocks were eroded by the losses sustained in the shares of DANGCEM and UACN.

The total volume of trades decreased by 27.1%, which represented a loss of 176.3 million units from its previous day position of 649.8 million units, to close at 473.5 million units, valued at NGN5.2 billion, and exchanged in 1,621 deals.

Still following its two days of impressive results, FBNH  still remained the most traded stock by volume and value at 228.5 million units and NGN2.6 billion, taking up 62.50% and 59.42% of the volume and value segment, respectively.

FBNH's was followed by ZENITHBANK with 18.7 million units sold valued at NGN452.4 million and ACCESS stocks with 45.6 million units traded valued at NGN421.9 million.

Sectoral performance was largely positive, as most indices closed with gains.

As measured by market breadth, market sentiment was positive as 21 companies’ stocks gained relative to 14 companies' stocks that suffered losses.

SKYAVN (+9.7%), OANDO (+8.83%), WAPIC (+8.51%), and MBENEFIT (+8.33%) dominated the gainers' chart, while the losers' chart was dominated by DANGCEM (-10.00%), UACN (-10.00%), and NEIMETH (-6.86%), respectively.