NGX Equity Market Enters Into Bearish Mood As Investors Rake In NGN43.14 Billion

The profit-taking activities of most traders turned trading in the NGX equity market bearish. Negative trading closures in capitalized stocks such as DANGCEM (-1.2%) and FBNH (-0.83%) caused the all-share index to fall 0.2% and close at 42,270.23 basis points, down from 42,357.36 basis points the previous day.

Unfortunately, only the Month-to-Date (M-t-D) declined by 2.3%, while the Week-to-Date (W-t-D) and Year-to-Date (Y-t-D) moderated their gains to +0.9% and +4.92%, respectively.

However, the all-share index marginal gains drifted greatly by 1,460.55 basis points behind the 52-week high of 43,730.55 basis points (resistance point) and progressed away by 8,019.49 basis points from the 52-week low of 34,250.74 basis points (support point).

As a result of this bearish close, the equity market posted a loss of NGN43.14 billion to close at NGN22,056.6 trillion, as against its previous day position of NGN22,099.7 trillion.

The total volume traded increased by 10.3% to 249.43 million units from its previous day's position of 226.2 million units, valued at NGN3.57 billion and exchanged in 3,578 deals.

FBNH was the most traded stock by volume and value, at 79.14 million units and NGN955.87 million, respectively. FBNH performance took up exactly 26.8% and 31.73% of the value and volume sections of the total trade.

Following FBNH are MTNN with 3.3 million units of shares valued at NGN611.99 million and ACCESS with 33.3 million units valued at NGN299.45 million traded respectively. Both companies took up exactly 17.13% and 21.2% of the volume and value charts, respectively.

Analyzing by sectors’ performance, the oil and gas (-0.5%), banking (+0.5%), and consumer goods (+0.1%) indices posted gains, while the insurance (-0.8%) and industrial goods (-0.7%) indices suffered losses.

As measured by market breadth, market sentiment was negative, as 19 companies’ stocks lost relative to 15 companies’ stocks that gained.

The gainers’ chart was dominated by ROYALEX (+5.00%), CHAMS (+4.76%), NGXGROUP (+3.92%), ETI (+3.26%), and TRANSCORP (+3.16%).

However, the losers’ chart was dominated by LIVESTOCK (-10.00%), CAP (-5.70%), SOVRENINS (-4.17%), CUTIX (-4.00%), and MBENEFIT (-4.00%).