Nigerian Exchange Sheds N65.8 Billion after 3-Day Rally
NGXNigerian Exchange Sheds N65.8 Billion after 3-Day Rally
Nigerian Exchange (NGX) sheds N65.8 billion on Thursday after a 3-day rally that started on Monday as companies second quarter of 2021 results lifted investors sentiments.The 3-day rally halted as profit-taking activities resume at the local bourse, as the All-share index (ASI) tumbles. The NGX-ASI slows down by 0.32 per cent as the benchmark index printed 38,801.51 points. Stocks data show that price depreciation in bellwether stocks such as ARDOVA, MTNN, GTCO, ACCESS, WEMABANK, UCAP, AIICO, TRANSCORP, ZENITH BANK, FBNH, WAPIC, OANDO drift the market direction. Coming from a negative level, stock market breadth closed marginally positive with 18 gainers versus 17 losers. In addition, market activities closed with the volume of stocks traded on the exchange declining by 32.34 per cent while the value of trade appreciated by 31.70 per cent.A total of 139.78 million units of shares valued at N1.40 billion were traded in 3,655 deals.UBA led the volume chart, accounting for 11.76 per cent of the total volume of trades, followed by GTCO (9.30%) ZENITH BANK (8.54%) WEMABANK (6.87%), and AIICO (6.69%) to complete the top five on the volume chart.GTCO led the value chart accounting for 25.91 per cent of the total value of trade on the exchange. CONOIL, CHIPLC, SOVRENINS topped the gainers’ chart, with their share prices advancing by 10.00 per cent, 8.93 per cent, and 7.69 per cent, respectively.ARDOVA led the losers’ table with its share price depreciating by 6.25 per cent to close at N15.00 after opening the day at N16.00.Afrinvest said performance across sectors under the firm’s coverage universe was mixed as 3 indices lost while 3 gained. The AFR-ICT index led the losers, down 1.0% due to sell-offs in MTNN (-1.8%).Followed by the Banking and Oil & Gas indices which fell by 30 and 4 basis points respectively due to price depreciation in ACCESS (-1.1%), GTCO (-1.2%), OANDO (-0.2%), and ARDOVA (-6.3%).On the flip side, the Consumer Goods index led gainers, up 0.3% due to gains in DANGSUGAR (+1.4%), UNILEVER (+0.7%), and HONYFLOUR (3.9%).Similarly, the Insurance and Industrial Goods indices advanced by 25bps and 4bps respectively, on the back of bargain hunting in MBENEFIT (+5.6%), SOVRENINS (+7.7%), and WAPCO (+0.7%).“In the final trading session, we anticipate that the negative sentiment would persist on the back of profit-taking activities”, analysts said.Nigerian Exchange Sheds N65.8 Billion after 3-Day Rally
