CHAMPION, NEM, 14 Others Drag Equity Market Lower as NGX-ASI Plunge 0.06%

Read audio

On Wednesday, sell-off sentiment in the Nigeria equity market was sustained for the third consecutive session and yet to record any gain in the week. The decline was driven by price depreciation in CHAMPION, NEM, and 14 others. Consequently, All-Share Index plunged 29.96 points, representing a 0.06 percent decline, and closed at 51,556.54. While the Market Capitalization lost ₦16.15Bn to decrease by 0.06 percent and closed at ₦27.79 trillion.

→ Similarly, the market activities were bearish, as the Total Volume and Value dipped by 42.35 percent and 44.02 percent, respectively, with persisted cautious trading. About 135.26 million units valued at ₦1.44 billion were transacted in 3,745 Deals. TRANSCORP emerged as the most traded stock in terms of volume, accounting for 11.50 percent of the total volume of trades, followed closely by GTCO (9.69%), UPDC (8.85%), UBA (7.80%), and CHAMS (5.79%) to complete the top five on the volume chart. While, GTCO remained the most traded stock in value terms, with 18.57 percent of the total value of trades on the exchange.

→ ACADEMY topped the advancers’ list with a price appreciation of 9.79 percent, trailed closely by JAPAULGOLD (7.41%), WEMABANK (3.03%), LIVESTOCK (2.27%), STERLNBANK (1.33%), UNILEVER (1.31%), BUAFOODS (0.97%), ACCESSCORP (0.53%), ZENITHBANK (0.46%), FBNH (0.46%) and seven (7) others. On the contrary, sixteen (16) stocks also depreciated, topped by CHAMPION and NEM with a price depreciation of 10.00 percent each, to close at ₦3.6 and ₦3,42, respectively, as UBN (-9.67%), OANDO (-0.91%), GTCO (-0.73%), and NGXGROUP (-0.44%) also dipped in price. In that regard, the market breadth closed marginally negative, recording 23 gainers and 16 losers.

→ Conclusively, sectoral performance was bearish, as four of the five sectors closed negatively compared to the previous session, led by Insurance (-1.36%), Banking (-0.60%), and Oil & Gas (-0.16%) and Consumer Goods (-0.03%), while the Industrial Goods sector remain unchanged.