37 Stocks Sustain Equity Market Decline as NGX-ASI Tank 1.86%

Stockbrokers work at the Nigerian Stock Exchange in Lagos on May 16, 2019. - Africa's largest mobile phone operator, MTN, listed shares on the Nigerian Stock Exchange (NSE) in a $6 billion flotation reflecting its increasing presence in the Nigerian market, its largest. (Photo by PIUS UTOMI EKPEI / AFP) (Photo credit should read PIUS UTOMI EKPEI/AFP via Getty Images)
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→ The Nigeria local bourse sustained the sell-off sentiment for the sixth consecutive trading session as the market performance indicators (NGX-ASI and Market Capitalization) plunged by 1.86% amidst price decline in bellwether stocks. Consequently, the All-Share Index tanked 958.16 points, representing a 1.86 percent decrease, and closed at 50,442.37. While the Market Capitalization lost ₦516.70 to decrease by 1.86 percent and closed at ₦27.20 trillion.

→ However, the market activities were bullish, as the Total Volume and Value rose by 57.99 percent and 16.78 percent, respectively. About 156.17 million units valued at ₦2.94 billion were transacted in 4,618 Deals. FLOURMILL emerged as the most traded stock in terms of volume, accounting for 12.38 percent of the total volume of trades, followed closely by TRANSCORP (9.87%), GTCO (8.13%), ZENITHBANK (7.30%), and FBNH (6.37%) to complete the top five on the volume chart. Also, FLOURMILL appeared as the most traded stock in value terms, with 21.05 percent of the total value of trades on the exchange.

→ Today, only three (3) stocks made it to the gainers’ list, namely LIVESTOCK, with a growth of 1.63%, while FBNH and STERLNBANK expanded by 1.36% and 1.32%, respectively. Conversely, thirty-seven (37) stocks depreciated, topped by TRANSEXPR with a price depreciation of 10.00 percent, to close at ₦0.53, as MTNN (-9.91%), UCAP (-8.33%), NB (-4.52%), ZENITHBANK (-3.23%), FLOURMILL (-3.03%), GTCO (-1.45%), UBA (-1.41%), and NAHCO (-0.83%) also dipped in price. In that regard, the market breadth closed largely negative, recording 3 gainers and 37 losers.

→ Conclusively, sectoral performance was broadly bearish as all the five sectors closed negatively compared to the previous session, led by Banking (-1.85%), Insurance (-1.69%), Consumer Goods (-1.27%), Oil & Gas (-0.49%) and Industrial Goods (-0.003%), respectively.