Nigerian bourse sheds N345bn as index slipped 0.51%

Bamidele Famoofo

Equities investors lost about N345 billion in the stock market due to sell pressures.  Data from the Nigerian Exchange, NGX, revealed that year-to-date return moderated further while other key performance indicators went south.

The second bearish run in the week was driven by sell pressures on Transcorp, Eterna, United Capital, and Dangote Sugar Refinery Plc, among other decliners.

The market index, or the All-Share Index, decreased by 550.88 basis points today, representing a drop of 0.51 percent  to close at 106,904.25.  However, the market activities were up today, as the total volume and total value traded in the local bourse increased by 28.36 percent  and 21.18 percent , respectively.

In a note, Atlass Portfolios Limited told investors that approximately 395.47 million units valued at ₦8,763.89 million were transacted across 13,967 deals. In terms of volume,

UCAP led the activity chart, accounting for 10.28 percent  of the total volume of traded in the market on Tuesday, followed by ELLAHLAKES (6.63%), ZENITHBANK (6.51%), UNIVINSURE (5.58%), and ACCESSCORP (4.61%), rounding out the top five.

ZENITHBANK emerged as the most traded stock in value terms, accounting for 14.05 percent  of the total value of trades on the exchange.

NEM topped the advancers’ chart for today with a price appreciation of 8.78 percent, trailed by IKEJAHOTEL (+8.72%), CONHALLPLC (+6.76%), LIVESTOCK (+4.53%), INTBREW (+4.00%), CUTIX (+3.93%) and ten others.

Forty-four stocks depreciated, stockbrokers at Atlass Portfolios Limited said. ETERNA, TRANSCORP, DANGSUGAR, GUINEAINS, and DEAPCAP were the top losers, with a price depreciation of -10.00% each.

Other decliners include CHAMPION (-9.93%), UCAP (-7.50%), VITAFOAM (-6.38%), AFRIPRUD (-6.24%), and OANDO (-4.94%).  Hence, the market breadth closed negative, recording 16 gainers and 44 losers. The market sectoral performance was negative, as three of the five major market sectors were down.

The Banking sector dropped by 1.80%, followed by the Consumer goods sector which fell by 0.37 percent , and the Oil & Gas sector dipped  by 0.36 percent . The Insurance and Industrial sectors grew by 0.73% and 0.01 percent  respectively.

Overall, the equities market capitalisation of the Nigerian Exchange lost ₦344.96 billion, representing a decline of 0.51 percent , to close at ₦66.94 trillion.