Equities market loses N71bn as sell-off continues on NGX
BY TEMITOPE ADEBAYO
Sell-off pressures continued to weigh heavily on the equities market on Wednesday, erasing over N71 billion from the Nigerian Exchange (NGX) market capitalisation.
Trading data from the NGX revealed that the market opened on a negative note following the holiday, with key performance indicators declining by 0.11% as investors took profits.
Investor sentiment remained subdued, as market reactions to corporate earnings reports and company actions contributed to the downward trend. The All-Share Index (ASI) fell by 113.48 basis points, closing at 105,547.16, as sell-side investors continued to exit their positions across various stocks.
Equities market activity showed a significant decline, with both the total volume and value of trades falling by 19.99% and 44.41%, respectively. According to Atlass Portfolio Limited, approximately 438.09 million units, valued at ₦12.02 billion, were transacted in 17,286 deals.
READ ALSO: Christian group faults Sultan on non-indigeneship
Fidelity Bank (FIDELITYBK) led trading volume, accounting for 9.56% of total market transactions, followed by MBENEFIT (8.25%), Nigerian Breweries (NB) (8.16%), GTCO (7.57%), and Zenith Bank (ZENITHBANK) (6.56%). GTCO was the top stock by value, comprising 19.19% of the total value traded.
In terms of gainers, AFRIPRUD and VFDGROUP topped the charts, each recording a 9.96% increase in stock price. Other notable advancers included UNIONDICON (+9.28%), MAYBAKER (+6.17%), and FIDSON (+5.26%).
However, the market closed with a negative breadth, as 33 stocks declined, led by UACN with a 10.00% drop. Other significant decliners included LIVESTOCK (-8.05%), AP (-7.27%), NASCON (-6.42%), and OANDO (-5.48%).
Sector performance was also largely negative, with the Insurance sector posting a 2.61% loss, the Oil & Gas sector falling by 0.49%, and the Consumer Goods sector edging down by 0.01%. Only the Banking sector saw a modest 0.07% increase, while the Industrial sector remained unchanged.
At the close of the session, the NGX’s market capitalisation stood at ₦66.19 trillion, reflecting a N71.16 billion loss.
