Investors’ wealth in the Nigerian Exchange (NGX) declined by N351.75 billion and the local bourse’s All-Share Index fell by 0.33% to 165,164.38 points on Wednesday, reflecting broad-based profit-taking across the sectors of the market
Consequently, data from the Nigerian Exchange Group on the trading session showed that market capitalisation declined by 0.33% to N105.74 trillion.
According to the data, trading activity on the NGX was mixed but liquidity dipped.
Specifically, the total traded volume surged by 29.00% to 623.12 million units, which was led by strong performance of NEIMETH, CHAMS, ACCESSCORP and ZENITHBANK stocks. However, value traded declined by 4.88% to N16.51 billion driven by profit-taking in MTNN (-1.385), NEIMETH (-2.78%), UBA (0.78%) amongst others. Deal count rose 1.56% to 42,119 trades.
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On the gainers and losers’ chart, the NGX group reported that the day’s session closed with 32 gainers against 38 losers, resulting in a negative market breadth of 0.84x. However, the Up/Down (UD) volume ratio stood at 1.22, showing that buying volume slightly outweighed selling volume despite the index decline.
When analyzed from a sectoral perspective, all the sectors closed in the red with the Insurance Index recording the steepest decline, down by 1.32% following heavy losses in LIVINGTRUST (-9.90%), INTENEGINS (-7.695) and NEM (-6.68%). The Banking and Consumers goods Index followed with 0.44% and 0.49% decline respectively, dragged by sell-offs in HONYFLOUR (-3.70%), INTBREW (-3.45%), and FIRSTHOLDCO (-2.23).
In a related development, the NASD Securities Index closed bearish as the NSI declined by 0.06% to close at 3,632.60 points, reflecting mild profit-taking in select OTC securities.
As a result of the bearish momentum in the market, the capitalisation depreciated by 0.06% to N2.17 trillion, trimming year-to-date gains to +2.51%. Conversely, the total traded volume surged by 259.89% to 4.67 million units.
However, value traded declined by 8.55% to N52.40 million, suggesting that the increased activity occurred largely in relatively lower-value transactions. Overall, the deal count in the market fell by 15.79% to 32 trades.
