Equities Market Slides As Investors Book Profit

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Market slidesThe Nigerian Exchange (NGX) slides by about N41.5 billion midweek after three days of an uptrend which lifted market indicators higher. However, the initial optimism declines as investors dump stocks.

Last week, the local bourse lost N635 billion but started gaining due to positive sentiment among local investors.  In a market report, Stockbrokers at Atlass Portfolios Limited said the selloff in CHAMPION, FBNH, ETI, and 15 others dragged the market indicators lower by 0.14 percent.

Consequently, the Nigerian bourse All-Share Index shed 76.90 points representing a 0.14 percent decline, to close at 53,193.98. Due to profit-taking, equity market capitalization sheds ₦41.46 billion to ₦28.68 trillion.

Trading data shows that the market activities were mixed as the total volume rose by 6.11 percent, while the total value traded dipped by 32.19 percent.

According to stockbrokers at Atlass Portfolios, approximately 248.96 million units valued at ₦1.86 billion were transacted in 4,265 deals.  TRANSCORP emerged as the most traded stock in terms of volume, accounting for 41.78 percent of the total volume of trades.

This was followed closely by FIDELITYBK (10.01%), FBNH (5.05%), JAPAULGOLD (4.18%), and CHAMS (3.15%) to complete the top five on the volume chart. PRESCO appeared as the most traded stock in value terms, with 11.40 percent of the total value of trades on the exchange.

On the profitability chart, CAVERTON topped the advancers’ list with a price appreciation of 7.34 percent each, trailed closely by TRANSCORP (5.69%), UNILEVER (2.76%), UACN (1.84%), UCAP (0.75%), INTBREW (0.71%), DANGSUGAR (0.62%), WAPCO (0.36%) and eight (8) others.

On the other hand, eighteen (18) stocks depreciated, topped by CHAMPION with a price depreciation of 9.79 percent to close at ₦3.5.

JAPAULGOLD (-6.25%), FBNH (-5.50%), ETI (-2.18%), ACCESSCORP (-1.51%), STANBIC (-1.47%) and UBA (-0.64%) also dipped in price. In that regard, the market breadth was marginally negative, recording 16 gainers and 18 losers.

Meanwhile, sectoral performance remains mixed, as two of the five sectors closed negatively compared to the previous session, led by Insurance (-1.76%) and Banking (-0.86%).

The Consumer and Industrial Goods sectors rose by 0.13% and 0.03%, respectively, leaving the Oil & Gas sectors unchanged.


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