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Equities Investors’ Wealth Drops By N242bn as NGX Slides

NGX: Equities investors’ wealth dropped by about N242 billion in the first trading session in the new week as profit-taking activities on the Nigerian Exchange (NGX) dragged the local bourse backwards.

As a result of negative price movements, the stock market key performance indicators dropped by -0.66%, according to data from the Nigerian bourse.

This downturn was primarily driven by sell-offs within the Banking index, with notable players such as ACCESSCORP, UNITYBNK, ZENITH, and FIDELITYBNK leading the downward trend.

At the close of the trading session, the local exchange year-to-date return fell to 30.50%, still far ahead of an annual inflation rate of 25.80% as of August reading.

 The market index or NGX All-Share Index declined by 441.95 basis points today, representing a decrease of -0.66% to close at 66,882.64 points, trading data showed.

Atlass Portfolios Limited said in its market update that trading activities were mixed, as the total volume traded for today was reduced by -60.31%. However, stockbrokers reported that the total value traded increased by 24.96%.

The firm said approximately 408.19 million units valued at ₦5,442.09 million were transacted in 7,707 deals. ACCESSCORP was the most traded stock in terms of volume, accounting for 27.79% of the total volume of trades.

The financial services group was followed by UBA (14.61%), UNITYBNK (6.81%), UNIVINSURE (4.31%), and TRANSCORP (4.12%) to complete the top 5 on the volume chart.

ACCESSCORP was also the most traded stock in value terms, with 32.74% of the total value of trades on the exchange. IKEJAHOTEL topped the advancers’ chart for today with a price appreciation of 10.00 per cent.

The hospitality giant was trailed by JOHNHOLT (9.70%), CORNERST (+9.49%), REGALINS (+8.57%), LINKASSURE (+6.67%), and ten others. Thirty-seven stocks depreciated, where CAVERTON was the top loser, with a price depreciation of -9.87%. ACCESSCORP (-9.86%), OANDO (-9.70%), UCAP (-8.33%), TRANSCORP (-2.53%), and MTNN (-1.67%) also dipped in price.

Given the trading pattern, the market breadth closed negative, recording 15 gainers and 37 losers while the market sector performance closed par, according to Atlass Portfolios Limited.

Data from the NGX showed that two of the five major market sectors were up. The Insurance sector (+0.18%) and Industrial sector (+0.11%), while the Banking and Insurance sectors were down by -3.18% and -0.14% respectively.

The Oil & Gas closed unchanged. Overall, equities market capitalisation lost ₦241.88 billion, representing a decline of -0.66%, to close at ₦36,605.34 trillion from ₦36,847.22 trillion last Friday. #Equities Investors’ Wealth Drops By N242bn as NGX Slides

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The post Equities Investors’ Wealth Drops By N242bn as NGX Slides appeared first on MarketForces Africa.

September 2023
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