NGX Sheds N45bn as Investors Dump Large-Cap Stocks
The Nigerian Exchange (NGX) sheds N45 billion as trading activities at the local bourse closed negative after equity investors dumped large-cap stocks. Consequently, the domestic stock market index fell by 0.18% to close at 47,202.30 as the bears finally took over the Nigerian Exchange on Friday after previous rallies.
Due to selling down, the year-to-date gain of the local bourse fell to 9.87% despite the Exchange printing a higher number of gainers (19) than losers (16), according to trading data.
Today, share prices of NEM, INTERBREW, FBNH, GTCO, SEPLAT, ZENITHBANK, UBA, DANGSUGAR and NB declined by 6.48%, 4.59%, 3.86%, 2.39%, 1.85%, 1.82%, 1.12% and 0.10% respectively.
Given the southward movement in the benchmark index, performance across sub-indices was largely negative except for the NGX Consumer Goods Index and the NGX Industrial Index which rose by0.10% and 0.03% respectively.
The NGX Banking Index, NGX Insurance Index and the NGX Oil/ Gas Index fell by 0.95%, 0.49%, and 0.99% respectively.
Meanwhile, market activity was rather strong as the volume of stock traded rose by 57.23% to N198.12 million. Also, the value of stocks traded at the local bourse increased by 28.79% to N4.39 billion – as investors sold more blue-chip stocks.
Equity market capitalisation sheds N45 billion or 0.18 per cent to close at N25.435 trillion from N25.480 trillion recorded on Thursday. Pharm Deko led the losers’ chart in percentage terms, shedding 8.84 per cent to close at N1.65 per share.
NEM Insurance trailed with 6.48 per cent to close at N3.32, while Champion Breweries was down by 5.80 per cent to close at N2.11 per share. Read: NGX Tumbles as Investors Dump MTNN Amid Retail Offer
Cutix lost 4.94 per cent to close at N2.31, while International Breweries dipped 4.59 per cent to close at N5.20 per share. On the other hand, Guinness led the gainers’ table in percentage terms by 10 per cent to close at N60.50 per share.
NCR was also up by 10 per cent to close at N3.30, while SCOA added 9.88 per cent to close at N1.78 per share. RTBriscoe rose by 8.33 per cent to close at 39k, while Lasaco Assurance improved by 5.66 per cent to close at N1.12 per share.
A breakdown of the activity chart shows that Access Bank was the toast of investors with an exchange of 30.81 million shares valued at N322.44 million.
Sovereign Trust Insurance trailed with 30.75 million shares worth N7.08 million, while NGX Group traded 28.65 million shares valued at N773.22 million. Fidelity Bank traded 23.79 million shares worth N69.78 million, while Chams traded 22.18 million shares valued at N4.89 million.
In all, investors traded 311.50 million shares valued at N4.39 billion in 4,916 deals. This was against a total of 198.12 million shares worth N3.41 billion traded in 4,294 deals on Thursday.
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