Equities investors lose N1.06trn on Dangote, MTN Nigeria price slump

Equities investors lost N1.06 trillion as 41 stocks plunged on the Nigerian Exchange (NGX) trading platform. The local bourse witnessed a strong bear contest, with the steepest daily decline in the year dragging key market performance indicators downward by 1.66%. This downturn was primarily driven by significant sell-offs in prominent blue-chip and mid-cap stocks such as DANGCEM, JBERGER, MTNN, and others. The Nigerian Exchange market index (All-Share Index) reduced by 1,745.16 basis points today, representing a drop of -1.66% to close at 103,622.09. However, market activities were inched higher, as the total volume and total value traded on the Nigerian Exchange increased by 1.06% and 57.01%, respectively.
In its note, Atlass Portfolios Limited told investors that approximately 511.16 million units valued at N12,758.80 million were transacted across 13,052 deals. In terms of volume, GTCO led the activity chart, accounting for 10.72% of the total volume traded, followed by NB (6.35%), UNIVINSURE (6.08%), AIICO (5.24%), and CHAMS (3.93%), rounding out the top five. GTCO also emerged as the most traded stock in value terms, accounting for 26.84% of the total value of traded on the exchange.
NNFM topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by LIVESTOCK, which gained +9.91%. Other gainers include ACADEMY (+9.90%), UPL (+9.82%), NEIMETH (+9.76%), SCOA (+9.71%), and seventeen others. Forty-one (41) stocks depreciated, according to stockbrokers. HONYFLOUR was the top loser, with a price depreciation of -10.00%. Other decliners include DANGCEM (-9.98%), JBERGER (-9.98%), NGXGROUP (-8.47%), JAPUALGOLD (-5.96%), and MTNN (-3.72%). Today, the market breadth closed negative, recording 23 gainers and 41 losers. In addition, the market sector performance closed in the negative territory, as four of the five major market sectors went down.
The industrial sector dropped by -4.99%, followed by the insurance sector, which lost -2.80%, the consumer goods sector dipped by -0.27%, and the banking sector tumbled by -0.10%. The Oil & Gas sector grew by 0.29% after today’s trading. Overall, the equities market capitalisation of the Nigerian Exchange lost N1.06 trillion, representing a decline of -1.66% to close at N63.19 trillion.