NGX Equity Market Suffers N78.75 billion Loss Following Investors Sell-offs

The selling frenzy that kicked off trading this week continued in the Nigerian stock market as investors continued to take profit and close positions on GTCO (-0.37%), MTNN (-1.01%), and ACCESS (-0.97%) shares. Thus, the all-share index declined further by -0.31% to close at 47,057.24 bps.

As a result, the ASI fell much further away from the 52-week All-Time-High of 47, 329.80 bps, by 272.56 bps.

While the Week-to-Date fell by -0.47%, the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) stayed moderated at +0.93% and +10.16%, respectively.

Unfortunately, the volume of trade decreased by 16.52% to 238.22 million units, which were traded in 4,826 transactions, compared to the previous session's figure of 285.5 million units traded, while the value of shares grew by 0.87%, to close at NGN5.09 billion, as against the NGN5.13 billion traded previously.

As a result, the equity market lost NGN78.75 billion as its cap closed at NGN25,357.45 trillion when compared to the previous session position of NGN25,436.20 trillion.

GTCO (-0.37%) maintained its position as the most active stock in terms of volume and value, with 32.35 million shares worth NGN887.64 million traded.

ZENITHBANK, with 24.3 million units valued at NGN653.5 million, and NESTLE, with 330.6 thousand units valued at NGN473.8 million traded, were also notable.

On a sector-to-sector basis, the insurance (+2.4%) and oil & gas (+0.9%) indices posted gains, while the banking (-0.2%) index declined. The Consumer Goods and Industrial Goods indices, however, closed flat.

As measured by market breadth, market sentiment stayed negative as 20 companies’ stocks lost relative to 16 stocks that gained.

The most gains were made by PRESCO (+10.00%), which closed trading at NGN104.50/unit, NEM (+9.97%), which closed trading at NGN3.31/unit, IKEJAHOTEL (+9.77%), which closed trading at NGN1.46/unit, and SUNUASSUR (+9.09%), which closed trading at NGN0.36/unit, while COURTVILLE (-7.27%), which closed trading at NGN0.51/unit, UPDC (-5.66%), which closed trading at NGN1.00/unit, UPL (-5.41%), which closed trading at NGN2.45/unit, and UNILEVER (-4.36%), which closed trading at NGN13.15/unit, suffered the most losses.