Equity Market Recedes 0.23% Amidst Sell-Off Across Sectors

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The Nigeria equity market further receded by 0.23 percent following the selling pressure across the five major sectors of the market, save for the Industrial Goods sectors that remain unchanged. The decline came a day after the tightening of the MPR to 14% by the MPC as investors began to weigh investment options going forward. Consequently, the All-Share Index dipped by 133.42 points, representing a 0.23 percent decrease, and closed at 52,186.52. While the Market Capitalization lost ₦65.98Bn to decrease by 0.23 percent and closed at ₦28.14 trillion.

→ Meanwhile, the market activities were bullish, as the Total Volume and Value rose by 15.87 percent and 19.571 percent, respectively. About 238.27 million units valued at ₦3.34 billion were transacted in 3,814 Deals. Today, NB emerged as the most traded stock in terms of volume, accounting for 15.40 percent of the total volume of trades, followed closely by UBA (13.54%), ACCESSCORP (11.10%), FBNH (9.05%), and GTCO (8.52%) to complete the top five on the volume chart. In addition, NB emerged as the most traded stock in value terms, with 46.02 percent of the total value of trades on the exchange.

→ CWG topped the advancers’ list with a price appreciation of 9.88 percent, trailed closely by CHAMS (9.09%), LINKASSURE (1.89%), and JAIZBANK (1.11%), FBNH (0.45%), and seven (7) others. On the other hand, twenty-two (22) stocks also depreciated, topped by NAHCO with a price depreciation of 10.00 percent, to close at ₦5.4, as NB (-6.13%), OANDO (-5.50%), NGXGROUP (-3.88%), ETERNA (-2.58%), GTCO (-2.56%), AIICO (-1.61%), LIVESTOCK (-1.57%), UBA (-1.33%), DANGSUGAR (-0.63%), and ZENITHBANK (-0.23%) also dipped in price. In that regard, the market breadth closed at largely negative, recording 12 gainers and 22 losers.

→ Consequently, sectoral performance was bearish as four of the five sectors closed negatively compared to the previous session, led by Consumer Goods (-1.01%), Oil & Gas (-0.96%), Insurance (-0.61%), and Banking (-0.55%), leaving the Industrial Goods sector unchanged.