NGX Tracks Lower as Investor Dump More Stocks
The Nigerian Exchange (NGX) dips N7.2 billion on Thursday as Santa Claus fails to come to the equity market. Thus, investors sustained the selling rallies for three consecutive days over weak sentiment ahead of the Christmas celebration.
Due to profit-taking activities at the local bourse, key performance indicators plunged by 0.03 per cent with year to date return moderating further.
Today’s decline was driven by a negative reaction in blue-chip stocks like MTNN, FBNH and nine (9) others, according to stock analysts at Atlass Portfolios Limited.
Consequent to a weaker buying sentiment, the Nigerian Exchange All-Share Index tanked 13.74 basis points, representing a decline of 0.03 per cent to close at 42,230.48.
Overall, equity market capitalisation dropped off ₦7.17 billion to close at ₦22.04 trillion. Similarly, the market activities remained bearish.
Following a similar pattern, total volume and value traded tanked by 5.78 per cent and 7.26 per cent, respectively. A total sum of 211.09 million units valued at ₦2.46 billion was transacted in 2,815 deals, data from the Nigerian Exchange shows.
UACN stocks lead by volume, accounting for 30.95 per cent of the total volume of trades, followed closely by SOVERNINS (11.11%), GTCO (10.07%), JAIZBANK (7.12%), and UNITYBNK (3.80%) to complete the top five on the volume chart.
Also, UACN emerged as the most traded stock in value terms, with 25.09 per cent of the total value of trades on the exchange.
UBN led the advancers’ chart with a share price appreciation of 9.78 per cent, trailed by ETERNA (6.00%), UBA (1.27%), LIVESTOCK (1.01%), WAPCO (0.43%), DANGCEM (0.19%) and eight (8) others.
Conversely, eleven (11) stocks depreciated, led by JBERGER with price depreciation of 9.88 per cent to close at ₦22.35, as FBNH dipped by 2.50%, HONYFLOUR lost 1.43%, WEMABANK fell 1.27%, UCAP declined 1.00%, ZENITH BANK shed 0.82%, and MTNN knocked off 0.44% from the opening price.
However, the market breadth closed positive, recording 14 gainers and 11 losers. Consequently, the sector performance was positive, as four of the five sectors appreciated.
These sectors were led by the Oil & Gas (1.10%), and trailed by Banking (0.52%), Insurance (0.36%) and Industrial Goods (0.13%), while Consumer Goods dipped by 0.02%. #NGX Tracks Lower as Investor Dump More Stocks
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