Nigerian Exchange Reports Continued Decline with All-Share Index down by 0.1%
The Nigerian Exchange (NGX) saw its All-Share Index drop 0.05% to 104,858.77 on Thursday, marking five consecutive days of downturn due to sell-offs primarily in Zenith Bank and Access Holdings. Market capitalization fell to N65.75 trillion, and Month-to-Date and Year-to-Date returns adjusted to -2.8% and +1.9%, respectively, amid weak investor sentiment and declining trading activity.
On Thursday, the Nigerian Exchange (NGX) experienced a decline as its All-Share Index fell by 0.05 percent, concluding at 104,858.77 basis points. This marks the fifth consecutive day of losses in the equities market, influenced primarily by sell-offs in Zenith Bank and Access Holdings, which decreased the index by 0.1 percent.
Furthermore, the market capitalization witnessed a decrease of 0.05 percent, resulting in a loss of N35.3 billion, positioning the total capitalization at N65.75 trillion. Consequently, the Month-to-Date and Year-to-Date returns have also been adjusted to -2.8 percent and +1.9 percent, respectively.
Investor sentiment remained subdued, which is evidenced by the negative market breadth; 14 stocks advanced while 28 experienced declines. Notably, the stocks leading gains included Computer Warehouse Group, Veritas Capital, Deap Capital Management and Trust, Wapic Insurance, and Wema Bank. In contrast, the biggest losers comprised Livestock Feeds, Royal Exchange, Custodian Insurance, UACN Property Development Company, and Chams.
Sector performance exhibited a rather muted response. The Insurance and Consumer Goods sectors reported slight gains of 0.13 percent and 0.39 percent, respectively, while the banking sector dipped by 0.43 percent. The Oil/Gas, Industrial Goods, and Commodity sectors remained unchanged at 0 percent.
Trading activity reflected sluggishness, as evidenced by a notable decline in the number of deals, total transaction volume, and transaction value, decreasing by 15.23 percent, 77.28 percent, and 49.51 percent, respectively. In total, 10,182 transactions were recorded, with a value of N6.25 billion and a volume of 310.53 million units traded. The most traded stock by volume was Fidelity Bank at 40.03 million units, while Zenith Bank led by value at N1.07 billion.
In summary, the Nigerian equities market continued its bearish trend, marked by a consistent decline over five trading days. The All-Share Index and market capitalization both experienced slight reductions, with diminished investor sentiment reflected in negative market breadth. Although certain sectors showed minor gains, overall trading activity significantly decreased, highlighting continued investor caution.
Original Source: www.zawya.com
