Equities Market Loses N112bn as Investors Book Profit

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Equities Market Loses N112bn as Investors Book Profit

Equities Market Loses N112bn as Investors Book Profit

The Nigerian Exchange (NGX) equities market lost about N112 billion on Thursday as investors took additional profit from Lagos bourse after labour two days strike action. The Nigerian index has been booming as local investors dominated the space after foreign investors exited.

But sentiment has been on the decline for the second consecutive session while bearish activities maintained a grip on the benchmark index which dipped further by 0.3% to close at 68,082.11 points.

Dragging performance indicators backwards, stock market performance was undermined by sell pressures on heavyweights’ bloated market valuation after successive days of bargain hunting. Stockbrokers said the market experienced selloffs in blue-chip stocks such as DANGCEM, NESTLE, and others, pushing market breadth was also negative.

As a result, the year to date dropped to +32.84% as the market index or the Nigerian Exchange All-Share Index reduced by 204.17 basis points today, representing a decrease of -0.30% to close at 68,082.11 points.

However, market activities were mixed, as the total volume traded for the day declined by 0.15%, while the total value traded jumped higher by +52.77%. Atlass Portfolios Limited said in its daily market update that approximately 378.09 million units valued at ₦8,376.37 million were transacted in 8,106 deals.

Data from the local bourse showed that OANDO was the most traded stock in terms of volume, accounting for 24.26% of the total volume of trades. The oil company was followed by OMATEK (7.93%), DANGSUGAR (6.19%), FIDELITYBK (5.87%), and ACCESSCORP (5.51%) to complete the top 5 on the volume chart.

NESTLE was the most traded stock in value terms, with 23.07% of the total value of trades on the exchange. BETAGLAS topped the advancers’ chart for today with a price appreciation of 9.97 per cent.

The company was trailed by CADBURY (9.86%), CWG (+9.81%), TANTALIZER (+9.52%), GUINEAINS (+9.09%), and twenty-one others.

Nigerian Exchange report showed that thirty stocks depreciated following equities investors’ exit trading activities. MORISON was the top loser, with a price depreciation of -9.89%, to close at ₦2.55.

COURTVILLE (-7.69%), NASCON (-6.83%), RTBRISCOE (-6.82%), WEMABANK (-6.42%), and DANGSUGAR (-3.98%) also dipped in price, according to stockbrokers at Atlass Portfolios Limited.

Following selloffs seen for the second day, the market breadth closed negative, recording 26 gainers and 30 losers, according to stockbrokers market updates. However, the market sector performance closed negative.

NGX report showed that four of the five major market sectors were down, led by the Industrial sector (-0.71%) followed by the Consumer goods sector (-0.65%), the Oil & Gas sector (-0.12%), and the Insurance sector (-0.03%), while only the Banking sector appreciated by +0.10%.

Overall, equities market capitalisation lost ₦111.75 billion, representing a decline of -0.30%, to close at ₦37,261.82 trillion from ₦37,373.57 yesterday. #Equities Market Loses N112bn as Investors Book Profit Fitch Flags Nigeria’s FX Reserves for Transparency Issue

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