NGX All-Share Index declined by 0.82%, investors lost N1.33trn due to selloffs on MTN, Aradel others

Nigerian Exchange (NGX) session in negative territory, as the All-Share Index (ASI) declined by 0.82% to 248,042.50 points, while market capitalisation fell by 0.82% to N161.05tn. Consequently, the ASI year-to-date return moderated to 59.40%, from 60.72% in the previous session.

The bearish performance was primarily driven by losses in ARADEL (-10.00%), MTNN (-3.54%), and FIDELITYBK (-4.96%), which outweighed gains recorded in OANDO (+3.18%), FIRSTHOLDCO (+0.81%), and GTCO (+0.23%).

Market activity strengthened, as total volume traded increased by 10.12% to 492.23mn units, while value traded surged by 65.64% to N38.02bn. ACCESSCORP (+0.00%) led the volume chart with 42.94mn units traded, while PRESCO (+0.00%) topped the value chart with transactions worth N7.46bn.

Market breadth was negative at 0.80x, reflecting a higher number of decliners relative to advancers. ETRANZACT (+10.00%) led the thirty-two (32) gainers, while ARADEL (-10.00%) led the forty (40) decliners.

MTN Nigeria, Aradel Holdings, Eterna and other shareholders’ sell-offs knocked more than N1.33 trillion from the Nigerian stock market on reflecting sustained portfolio rebalancing ahead of Q3 earnings release.

Equities investors trading highs and lows on the Nigerian Exchange (NGX) have continued to trim their holdings as markets anticipated the release of listed companies’ financials for the season to start dropping.

The market extended its decline to a seventh consecutive session, with key performance indicators down 0.82%. The downturn was led by losses in Telecom stocks and among key players in the Oil & Gas sector; selling pressure in other medium- and large-cap stocks further weighed on market performance.

Consequently, the All-Share Index fell by -2,054.25 basis points to close at 248,042.50. Also, market capitalisation fell by ₦1,333.81 billion to close at ₦161.05 trillion.

The total volume and total value of all shares traded on the local bourse increased by 10.12% and 65.64%, respectively. Stockbrokers reported that approximately 492.23 million units, valued at ₦38,021.04 million, were transacted in 38,711 deals.

ZENITHBANK drove the volume, accounting for 9.77% of all shares traded in the market, followed by WEMABANK (8.92%), ACCESSCORP (8.78%), FCMB (6.68%), and MULTITREX (5.56%).

By value traded, PRESCO accounted for 19.70% of the total, making it the most traded on the exchange. ETRANZACT led the gainers chart, up 10.00%, followed by LIVESTOCK (+9.09%), GUINEAINS (+8.97%), LEARNAFRCA (+8.93%), MULTITREX (+7.69%), CAVERTON (+3.85%), and 19 others.

A total of thirty-two stocks depreciated. With a price depreciation of -10.00% each, ARADEL and ETERNA topped the worst performers’ chart, followed by CUTIX (-9.02%), CMFC (-8.98%), NPFMCRFBK (-8.70%), CHAMPION (-8.68%), and UPDC (-8.24%).

Hence, the market breadth closed on a negative note, with 25 gainers and 32 losers. Sectoral performance was negative today, with four of the five major market sectors declining.

The Oil & Gas sector decreased by 3.87%, followed by the Insurance sector (-0.44%), the Banking sector (-0.18%), and the Industrial goods sector (-0.005%). Only the Consumer goods sector increased by 0.08%.