Nigerian Stock Market Shrinks by N268Billion as Investors Cash Out
Yesterday, the domestic stock market continued its downturn from the previous session, resulting in an overall capitalisation decrease of N268 billion.
The Nigerian Exchange Limited All Share Index (NGX ASI) also suffered a decline of 475.18 basis points, or 0.48%, closing at 98,228.50 points. Market capitalisation similarly dropped by N268 billion, settling at N55.555 trillion.
Consequently, the NGX ASI’s Month-to-Date return remained stagnant, while the Year-to-Date return moderated to +31.4%.
The stock market sector analysis revealed a 3.1% decline in the NGX Banking Index, a 1.5% drop in the NGX Insurance Index, and a 0.7% depreciation in the NGX Consumer Goods Index. However, the Industrial Goods and Oil & Gas indices remained unchanged.
Investor sentiment, as measured by market breadth, ended negatively with 15 stocks advancing and 28 declining. Japaul Gold & Ventures, May & Baker Nigeria, and Presco each recorded the highest price gain of 10 per cent to close at N2.09, N6.60, and N291.50 respectively, per share.
FTN Cocoa Processors followed with an 8.16% gain to close at N1.59, while Wema Bank rose by 7.28% to close at N8.10 per share.
Conversely, Unity Bank led the losers’ chart with a 10% decline to close at N1.62 per share. FBNH followed closely with a 9.91% decrease to close at N25.45, while Champion Breweries depreciated by 9.78% to close at N3.32 per share. Livestock Feeds also saw a decline of 9.71% to close at N1.58, while Wapic Insurance dropped by 9.33% to close at 68 kobo per share.
Meanwhile, the total volume traded increased by 0.93% to 425.664 million units, valued at N8.349 billion, and exchanged in 9,620 deals. Transactions in the shares of the United Bank of Africa (UBA) topped the activity chart with 102.233 million shares valued at N2.675 billion. Access Holdings followed with 49.180 million shares worth N878.406 million, while Transcorp traded 30.139 million shares valued at N394.749 million. Japaul Gold & Ventures traded 28.754 million shares valued at N59.060 million, while AIICO Insurance sold 22.648 million shares worth N22.779 million.
