Presco, 16 Others Lead ₦3.6 Billion Equity Market Loss

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→ Despite gains in some of the highly capitalised stocks, the Nigeria equity market nosedived on the first trading session of the week following the sell-pressure on PRESCO, DANGSUGAR, and 15 others as inflation rate rose to 19.64% in July (highest 17 years).

Consequently, the All-Share Index shed 6.74 basis points representing a marginal loss of 0.01 percent, to closed at 49,657.33. While the Market Capitalization lost ₦3y.63Bn, representing a decrease of 0.01 percent to close at ₦26.78 trillion.

→ Likewise, the market activities were bearish, as the Total Volume and Value dipped by 71.90 percent and 58.78 percent, respectively. About 210.84 million units valued at ₦2.19 billion were transacted in 4,122 Deals.

ETRANZACT emerged as the most traded stock in terms of volume, accounting for 24.93 percent of the total volume of trades, followed closely by FBNH (10.95%), UBA (10.39%), GTCO (7.36%), and TRANSACT (6.04%) to complete the top five on the volume chart.

While GTCO appeared as the most traded stock in value terms, with 14.44 percent of the total value of trades on the exchange.

→ NEIMETH topped the advancers’ chart with a price appreciation of 9.29 percent, trailed by ZENITHBANK (2.12%), TRANSCORP (0.93%), ARDOVA (0.80%), MTNN (0.50%), NGXGROUP (0.50%), BUACEMENT (0.47%), STANBIC (0.18%) and four (4) others.

On the flip side, seventeen (17) stocks depreciated, led by PRESCO with a price decline of 9.97 percent to close at ₦142.6, as DANGSUGAR (-4.19%), ACCESSCORP (-2.84%), CUTIX (-2.44%), UCAP (-2.02%), UBA (-0.71%) and GTCO (-0.25%) also dipped in price.

In that regard, the market breadth was negative, recording 12 gainers and 17 losers.

→ Meanwhile, sectoral performance was positive, as all the three major sectors closed bullishly compared to the previous session, led by Industrial Goods (0.17%), Banking (0.15%) and Oil & Gas (0.03%). While The Consumer Goods shed 0.33%, leaving the Insurance sector unchanged.