NGX Loses N5.7bn as Market Indicators Drop 0.01%

The Nigerian Exchange Limited (NGX) declined by N5.7 billion on Thursday as a key performance indicator shed by 0.01%.

The All-Share Index (ASI) reduced by 9.95 basis points to close at 97,477.19 points from 97,487.14 points and the market capitalisation closed at N56.014 trillion compared with midweek’s N56.020 trillion.

Total volume and total value traded fell by 22.01% and 33.07% respectively.

Investors traded approximately 277.75 million units valued at N4.6 bullion were transacted across 7,091 deals.

Fidelity Bank was the most traded stock in terms of volume, accounting for 15.62% of the total volume of traded on the Nigerian Exchange. Other volume drivers include UBA (11.06%), Zenith Bank (9.21%), Lasaco (7.97%), and Access Corporation (6.65%) to complete the top 5 on the volume chart.

Zenith Bank emerged as the most traded stock in value terms, accounting for 20.59% of the total value of traded on the exchange.

Given the market direction, the market breadth closed par, recording 22 gainers and 22 losers.

Regency Alliance topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by Caverton which gained +9.73%. Other gainers include Royal Exchange (+8.70%), ABC Transport (+8.20%), UPL (+7.14%), Guinness (+6.21%) and 16 others.

Daar Communication was the top loser, with a price depreciation of -10.00%. Other decliners include Livestock Feeds declining by 9.88%to N3.10. Sunu Assurances lost 9.7% to trade at N1.58, Fidson depreciated by 9.71% to N13.95, and Consolidated Hallmark Insurance crashed by 9.29% to N1.27 among 16 others.

The market sector performance was negative, as three of the five major market sectors were down, led by the banking sector, which dropped by 0.22%.

Also, the oil & gas sector dipped by -0.13% while the consumer goods sector fell by 0.05% and the industrial and insurance sectors closed flat.

The loss witnessed across these sectors can be tied to profit-taking by investors as the wider Nigerian macroeconomic environment became tougher due to inflationary pressures triggered by another hike in the price of petrol in the country, which will translate to denying investors’ pockets.