Stock Market Lost N49 Billion as Investors Reactivate Selling Mood
The Nigerian stock market lost more than N49 billion as investors reactivate selling mood midweek, which consequently pullback yesterday’s gains and performance indicators.
After a record gain on Tuesday, the local bourse sees sizeable selloffs in stocks on Wednesday, dragging the Nigerian Exchange market performance indicators declined by 0.22 per cent.
The reversed reaction, according to analysts at Atlass Portfolios Limited was impacted by the profit-taking in all the major market sectors, save for the Industrial sectors that gained marginally by 0.01 per cent.
Overall, the Nigerian Exchange All-Share Index decreased by 94.30 basis points, representing a decline of 0.22 per cent to close at 43,349.90 points today.
Similarly, market capitalisation lost ₦49.21 billion, representing a decrease of 0.22 per cent to close at ₦22.62 trillion while year to date return falls to 7.6%.
Data shows that market activities traded negatively, as the total volume and value traded depreciated by 37.52 per cent and 47.77 per cent, respectively, compared with the previous session.
A total of 264.79 million units valued at ₦6.08 billion were transacted in 4,230 deals, stock market data from the Nigerian Exchange shows.
FBNH topped the traded stocks in terms of volume, accounting for 25.91 per cent of the total volume of trades, trailed by INTBREW (13.86%), GTCO (9.15%), UNITYBK (3.59%), and ACCESS (3.57%) to complete the top five on the volume chart.
NESTLE emerged as the most traded stock in value terms, with 48.85 per cent of the total value of trades on the exchange.
ABCTRANS topped the advancers’ list as its share prices rose by 10.00 percent, trailed by TRANSCORP (2.06%), ETI (1.81%), UCAP (1.55%), VITAFOAM (1.06%), OANDO (0.62%), UBA (0.60%), ZENITHBANK (0.21%) and six (6) others.
On the other hand, 24 stocks depreciated in price led by JAPAULGOLD with price depreciation of 9.09 percent to close at ₦0.40, as ARDOVA (-5.38%), LIVESTOCK (-4.59%), ACCESS (-2.67%), GTCO (-2.23%), FBNH (-1.60%), FLOURMILL (-1.32%), DANGSUGAR (-1.18%), UBN (-0.99%) and NGXGROUP (-0.56%) also dipped in price.
As a result, the market breadth closed negatively, recording 14 gainers and 24 losers. However, the sector performance was largely negative, as four of the five major sectors closed bearishly, led by Insurance (0.85%), Oil & Gas (0.82%), Consumer Goods (0.66%) and Banking (0.37%).
The Industrial Goods sector rose marginally by 0.01% as against the previous session. #Stock Market Lost N49 Billion as Investors Reactivate Selling Mood. Read Also: Nigerian Exchange Sinks as Investors Sustain Selloffs
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