Nigerian Exchange Loses N357bn As Investors Dump More Shares

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Nigerian Stock MarketThe Nigerian Exchange (NGX) return skids to 24% year to date as equities struggle for the third trading session today as selloffs in bellwethers reversed the intraday gain recorded.

Equities capitalization printed at N28.6 trillion as the market declined by N357.4 billion midweek due to a sustained selloff.  Stockbrokers saw a dark cloud gathering after 150 basis points monetary policy rate which has triggered yields repricing in the fixed income market.

More monies have been projected to be channelled into government securities, especially by Institutional investors –Pension Fund Administrator in particular. Today, Market data from the Nigerian Exchange shows that selloffs in OKOMUOIL (-10.0%) and FBNH (-4.6%) caused three basis points to drop in the benchmark index.

Consequently, the local bourse All-Share Index settled at 52,974.15 points while the year-to-date gain moderated to +24.0%.

The total volume of trades declined by 7.2% to 295.35 million units, valued at N3.59 billion, and exchanged in 4,637 deals, data from the Exchange shows.  TRANSCORP was the most traded stock by volume at 121.84 million units, while AIRTELAFRI was the most traded stock by value at N573.23 million.

In its market report, Cordros Capital said performance across its sectoral coverage was broadly negative.  The Insurance index dipped 0.5%, Banking shed 0.3%, and Oil & Gas slowdown by 0.2% amidst profit-taking.

Meanwhile, the Consumer Goods, the sole gainer in today’s trading session, inched upward by 0.1%. The Industrial Goods index was flattish. Likewise, market sentiment was negative (0.7x), as 19 tickers lost relative to 13 gainers. OKOMUOIL topped the losers’ chart, having dropped off 10.0% of its opening valuation.

The stock was followed closely by NCR’s 9.8% decline.

On the gainers’ chart, ETERNA share price inched up 9.9% and FTNCOCOA spiked by 9.4% but were unable to net off-price depreciation recorded in the local bourse. In May, the local bourse experienced a bullish performance, closing in the positive territory on 11 out of the 20-trading sessions, Afrinvest said.



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