Equities Investors Lose N269bn as FBNH, GTCO, MTNN Tumble
Equities investors in the Nigerian Exchange (NGX) lost about N269 billion on Tuesday following records of price decline registered by FBN Holdings, GTCO, MTN Nigeria and others.
The risk off sentiment has persisted amidst mixed earnings performance released by companies in the first quarter of 2024. Cumulatively, equities investors’ wealth has dropped by ₦768 billion in two days, Atlass Portfolios Limited said in a note.
According to information from the local bourse, the market performance indicators dropped by – 0.48%. The bourse negative performance was due to profit-taking in some medium and large-scale stocks such as FBNH, DANGSUGAR, GTCO, MTNN, and others.
The market index or All-Share Index decreased by 475.18 basis points today, representing a drop of -0.48% to close at 98,228.50, stockbrokers said in their daily reports.
However, market activities were mixed, stockbrokers said. Total volume traded increased by +0.93%, while the total value traded dropped by -6.76%.
Atlass Portfolios Limited said in its market report that approximately 425.66 million units valued at ₦8,348.75 million were transacted in 9,620 deals.
UBA was the most traded stock in terms of volume, accounting for 24.03% of the total volume of trades. The Pan African lender was followed by ACCESSCORP (11.56%), TRANSCORP (7.08%), JAPAULGOLD (6.76%), and AIICO (5.32%) to complete the top 5 on the volume chart.
Due to the size, UBA was also the most traded stock in value terms, with 19.69% of the total value of trades on the exchange. PRESCO, JAPAULGOLD, and MAYBAKER topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
The gainers were trailed by FTNCOCOA which rose by +8.16%. Other gainers are: WEMABANK (+7.28%), INTENEGINS (+7.14%), NGXGROUP (+6.00%), ELLAHLAKES (+5.11%), and seven others.
Twenty-eight stocks depreciated, according to data from the Nigerian Exchange. UNITYBNK was the top loser, with a price depreciation of -10.00%. Also on the loser chart are: FBNH (-9.91%), CHAMPION (-9.78%), DANGSUGAR (-6.58%), GTCO (-5.98%), and TRANSCORP (- 4.78%).
Today, the market breadth closed negative, recording 15 gainers and 28 losers. In addition, the market sector performance ended negative, as three of the five major market sectors went down.
The Banking sector fell by 3.11% followed by 1.48% bumps in Insurance index while the Consumer goods sector by lost 0.66%. The Oil & Gas and Industrial sectors closed flat.
Overall, the equities market capitalisation of the Nigerian decline by ₦268.75 billion, representing a decline of -0.48%, to close at ₦55.55 trillion.