Stocks Edge Lower as Investors Maintain Selloffs
Closed lower on Friday, the Nigerian stocks tumble as equity investors maintain selloffs for third consecutive trading sessions in the week. Consequent to the price depreciation across tickers, stock market indicators plunged as red rains dropped heavily on telecom and banking stocks among others.
Due to some offensive selling strategy resulting in profit-takings, the Nigeria stock market closed the last trading day of the week on a negative note, total valuation dropped by more than N42 billion.
The equity market has remained largely on the decline despite the fact that the fixed income market has continued trading cold and quiet due to a lack of catalysts that could drive yield repricing.
Following today’s trading loss, the Nigerian Exchange index dipped further by 87 points as sell-offs were recorded in all of the market sectors.
The Nigerian Exchange All-share index decreased by 86.70 basis points, representing a decline of 0.20 per cent to close at 43,199.27 points.
Data from the local bourse shows that market capitalisation declined ₦45.25 billion on Friday, representing a decrease of 0.20 per cent to close at ₦22.54 trillion.
However, the market activities were mixed as the total volume traded plunged by 5.24 per cent while the total value surged by 24.93 per cent. A total of 199.52 million units valued at ₦3.26 billion were transacted in 3,917 deals, according to Atlass Portfolios Limited.
GTCO topped the traded stocks in terms of volume, accounting for 25.02 per cent of the total volume of trades. The financial services stock was trailed by FBNH (9.23%), ACCESS (8.76%), NB (3.84%), and FIDELITYBK (3.79%) to complete the top five on the volume chart.
Also, GTCO emerged as the most traded stock in value terms, with 38.84 per cent of the total value of trades on the exchange.
UNITY BANK emerged as the most profitable stocks for the day, topping the gainers’ list with a price appreciation of 10.00 per cent, trailed by VITAFOAM (4.78%), CHAMS (4.76%), JAPAULGOLD (2.50%), UACN (1,90%), AFRIPRUD (0.79%), FBNH (0.43%), AIRTELAFRI (0.22%) and sic (6) others.
On the other hand, 23 stocks market prices slowdown, led by ETERNA with price depreciation of 9.03 per cent to close at ₦6.65 on Friday.
NGXGROUP (-8.68%), NB (-2.86%), GTCO (-2.68%), FLOURMILL (-1.85%), UBA (-1.20%), ACCESS (-1.10%), NEM (-1.04%), ZENITHBANK (-0.83%), PZ (-0.83%) and FIDSON (-0.80%) also dipped. As a result, the market breadth closed largely negative, recording 14 gainers and 23 losers.
Nigerian Exchange sector performance was negative, as all the five major sectors dipped, led by Banking (-0.79%), Insurance (-0.66%), Consumer Goods (-0.57%), Oil & Gas (-0.23%) and Industrial Goods (-0.01%), respectively. #Stocks Edge Lower as Investors Maintain Selloffs
Read Search: Selloffs in Banking Stocks Drag Nigerian Exchange Lower
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