Connect with us

Nigerian Exchange Limited

Stock Market Extends Decline as Selloff Continues Following Interest Rate Hike

investors exchanged 119.8 million shares worth N2.689 billion in 3,552 transactions during the trading hours of Wednesday, against 182.3 million shares worth N4.82 billion that were transacted in 3,470 deals on Tuesday.

Published

on

Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) sheds another N32 billion on Wednesday after posting a N25 billion decline on Tuesday immediately after the Central Bank of Nigeria-led monetary policy committee hiked interest rate by 100 basis points from 16.5% to 17.5%.

Activity level dipped as investors exchanged 119.8 million shares worth N2.689 billion in 3,552 transactions during the trading hours of Wednesday, against 182.3 million shares worth N4.82 billion that were transacted in 3,470 deals on Tuesday.

Sectorial analysis shows the banking sector lost 34 basis points (bps) on a 2.41% decline in the value of UBA and a 0.55% dip in Accessco. Wema bank and Fidelity bank posted 1.52% and 0.60% gains, respectively.

The consumer goods sector appreciated by 34bps as the value of Unilever Nigeria jumped 7% following healthy financial results that show the company grew profit after tax by 110% to almost N1 billion in 2022. Intbrew recorded 5.38% while Honey Flour and Cadbury lost 5.15% and 2.07%, respectively.

The oil and gas sector closed flat, the same as the industrial sector.

The NGX All-Share Index depreciated by 0.02% from 52,612.55 index points closed on Tuesday to settle at 52,599.65 index points.

The market value of listed equities stood at N28.649 trillion, a N32 billion decline from N28.681 trillion it closed on Tuesday. The year-to-date return moderated to 2.63%. See top gainers and losers below.

Top Fiver Gainers

Symbols Last Close Current Change %Change
RTBRISCOE N 0.30 N 0.33 0.03 10.00 %
TRIPPLEG N 0.80 N 0.88 0.08 10.00 %
CHELLARAM N 1.50 N 1.65 0.15 10.00 %
OKOMUOIL N 165.00 N 181.10 16.10 9.76 %
CAVERTON N 0.95 N 1.03 0.08 8.42 %

Top Five Losers

Symbols Last Close Current Change %Change
THOMASWY N 1.45 N 1.31 -0.14 -9.66 %
CORNERST N 0.58 N 0.54 -0.04 -6.90 %
GEREGU N 142.40 N 134.00 -8.40 -5.90 %
HONYFLOUR N 2.33 N 2.21 -0.12 -5.15 %
CWG N 0.94 N 0.90 -0.04 -4.26 %

Top Five Trades

Symbols Volume Value
MBENEFIT 11258018.00 3865258.67
TRANSCORP 8751948.00 10605868.57
GEREGU 8536440.00 1143976583.90
FBNH 7690248.00 89815522.50
GTCO 6712639.00 161997631.90

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Comments
Advertisement
Advertisement
Advertisement