NGX Equity Market Loses N280.62 Billion Despite Positive Market Breadth

Trading on the Nigerian stock exchange closed on a low following profit-taking activities on the shares of DANGCEM (-8.53%), COURTVILLE (-7.69%) and UPDCREDIT (-2.53%). Hence, the all-share index dropped by -1.12% to close at 46,009.23 bps.

Thus, the ASI fell by 520.72 bps from the 52-week ATH of 46,529.99 bps.

Accordingly, all key parameters stayed positive as the Week-to-Date (W-t-D), Month-to-Date (M-t-D), and Year-to-Date (Y-t-D) stayed moderated at +0.11%, +7.71%, and +7.71%, respectively.

As a result of the drop in the ASI, the volume of trade decreased by 15.06%, to 279.44 million units, and was exchanged in 4,582 deals as against its previous session figure of 329 million units traded.

Consequently, these shares also suffered a fall in value by 42.64%, to close at NGN2,763 billion, as against the NGN4,817 billion traded previously.

The unimpressive performance of some blue-chip stocks resulted in a loss of NGN280.62 billion to the equity market as the market cap closed at NGN24,792.71 trillion when compared to the previous session position of NGN25,073.33 trillion.

UPDCREDIT (-2.53%) was the most active stock by volume, as it generated NGN181.9 million in revenues from 46.4 million units of shares traded, while the most active stock by value was GTCO, with 16 million units traded valued at NGN409.7 million.

Other notable mentions were MTNN, with 1.7 million units valued at NGN 329.7 million, and ZENITHBANK, with 7.8 million units worth NGN 199.6 million traded.

As measured by market breadth, market sentiment was positive as 26 companies’ stocks gained relative to 17 losers.

The most gains were made by GUINNESS (+10.00%), which closed trading at NGN 46.75/unit, INTBREW (+10.00%), which closed trading at NGN5.50/unit, ETI (+9.63%), which closed trading at NGN11.95/unit, and PRESTIGE (+9.52%), which closed trading at NGN0.46/unit, while NEM (-8.57%), which closed trading at NGN 3.20/unit, DANGCEM (-8.53%), which closed trading at NGN260.60/unit, AIICO (-5.00%), which closed trading at NGN0.76/unit, and ARDOVA (-4.96%), which closed trading at NGN12.45/unit, suffered the most losses.