NGX Sheds N12 Billion Amidst Selloff in Industries Stocks
The Nigerian Exchange (NGX) sheds more than N12 billion mid-week after a selloff in a number of industries stock. With the bearish outturn, equity market year to date bumps, though stockbrokers said selloff will be short-lived.
According to stock market data, MTNN, FLOURMILL and 16 others maintained an uptrend but selling rallies seen was stronger than price appreciations witnessed today, a stronger sell-off in financial, Oil & Gas and Industrial Goods sectors.
Consequently, the Nigerian Exchange All-share index market index dipped 23.25 basis points, representing a decline of 0.05 per cent to close at 43,707.30 points.
Atlass Portfolios Limited hinted in a market report that after initial rallies, equity market Capitalisation lost ₦12.13 billion to close at ₦22.81 trillion.
However, the market activities were mixed, as the total volume declined by 3.57 per cent while the total value traded rose by 61.89 per cent, compared to the previous session.
A total of 270.70 million units valued at ₦5.63 billion were transacted in 3,861 deals.
FLOURMILL outdid the traded stocks in terms of volume, accounting for 18.69 per cent of the total volume of trades, followed by TRANSCORP (14.38%), FBNH (7.94%), ETI (7.08%), and GTCO (5.38%) to complete the top five on the volume chart.
MTNN sustained its top spot position as the most traded stock in value terms, with 26.46 per cent of the total value of trades on the exchange.
NEIMETH topped the advancers’ list as its share prices rose by 10.00 per cent, trailed by HONYFLOUR (6.95%), JAPAULGOLD (4.88%), WEMABANK (1.16%), NASCON (1.07%), FBNH (0.88%), FLOURMILL (0.52%), MTNN (0.50%) and ten (10) others.
Conversely, 18 stocks also declined in price led by REDSTAREX with price depreciation of 9.86 per cent to close at ₦3.29, as FTNCOCOA (-9.09%), UACN (-4.44%), WAPCO (-3.90%).
Others are NGXGROUP (-3.65%), ZENITH BANK (-1.23%), UBA (-1.18%), ACCESS (-1.05%) and ETI (-0.57%) also dipped in price. Meanwhile, data shows that the market breadth closed at par, recording 18 gainers and 18 losers.
Similarly, the sector performance was bearish as four of the five major sectors closed negatively, led by Banking (-0.97%), Insurance (-0.34%), Industrial Goods (-0.25%) and Oil & Gas (-0.24%); save for the Consumer Goods that gained 0.12%.
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source https://dmarketforces.com/ngx-sheds-n12-billion-amidst-selloff-in-industries-stocks/