NGX lost N2trn in 2 days as equity investors exit positions

Equity investors lost N2 trillion in just two days as the Nigerian Exchange (NGX) halted the momentum that pushed key performance indicators upward. Trading activities closed on a negative note on Wednesday due to profit-taking in some stocks that recently gained investors’ attention in the local exchange. Data showed that key market performance indicators declined by 0.73%, while year-to-date return moderated further on the back of sell momentum. Stockbrokers said sell pressures were observed in GUINNESS, CONOIL, TRANSCORP, and STANBIC, among others. A total of 50 stocks recorded losses, with the insurance sector leading the decline among the major sectors. The Nigerian Exchange All-Share Index reduced by 955.76 basis points to close at 141,566.30. Also, market activities nosedived as the total volume and total value of all trades consummated in the Nigerian Exchange decreased by -29.37% and -25.79%, respectively.
In a note, Atlass Portfolio Limited told investors that approximately 721.82 million units valued at ₦12,936.76 million were transacted across 28,745 deals. In terms of volume, CHAMPION led the activity chart, accounting for 7.58% of the total volume of all trades, followed by UNIVINSURE, ROYALEX, REGALINS, and AIICO, rounding out the top five. ZENITHBANK emerged as the most traded stock in value terms, accounting for 9.86% of the total value of all trades consummated on the exchange. AUSTINLAZ topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by CHAMPION, NCR, MULTIVERSE, ENAMELWA, DAARCOMM, and twelve others. Fifty stocks depreciated, according to data from the Nigerian market. GUINNESS and CONOIL were the top losers, with a price depreciation of -9.98% each. Other decliners include CONHALLPLC, ELLAHLAKES, INTBREW, VERITASKAP, and TRANSCORP.
Given the trading direction, the market breadth closed negative, recording 18 gainers and 50 losers. In addition, the market sectoral performance was negative. The insurance sector dropped by -7.20%, followed by the consumer goods sector, down by -1.90%; the banking sector fell by -1.22%, and the industrial sector fell by -0.01%. The Oil & Gas recorded a positive growth of +0.11%. Overall, the equity market capitalisation lost ₦604.67 billion to close at ₦89.56 trillion.