The Nigerian exchange has posted losses in four consecutive trading sessions, as profit-taking continues in the space. Declines from AIRTELAFRI, NB and FBNH seen today saw the market capitalization losing approximately N72 billion, pushing the market downwards and on track to post its 10th weekly decline seen during the year.
The All-share Index (ASI) depreciated by 0.25% from 52,974.15 basis points to close at 52,840.21 basis point. In the same vein, the market capitalization also lost 0.25% to close at N28.49 trillion. Year-to-Date (YtD), the NGX is still one of the top-performing markets in the world as it has gained 23.70% so far.
Market breadth closed negative as ELLAHLAKES led 13 gainers, and 26 Losers topped by ROYALEX at the end of today’s session. On a sectoral level, 4 of the 5 major indices of the Nigerian Exchange closed negative. NGX Banking, Oil and Gas, Insurance and Consumer Goods Indices lost 0.42%, 0.07%, 0.60% and 1.29%. The NGX Industrial sector closed flat.
NGX Top ASI gainers
ELLAHLAKES up +9.62% to close at ₦3.42
PZ up +9.57% to close at ₦12.60
SOVRENINS up +8.33% to close at ₦0.26
NAHCO up +8.31% to close at ₦7.82
ALEX up +7.46% to close at ₦7.20
NGX Top ASI losers
ROYALEX down – 10.00% to close at ₦0.90
GSPECPLC down – 9.75% to close at ₦2.50
CHAMPION down – 8.63% to close at ₦3.60
FCMB down – 6.57% to close at ₦3.27
INTBREW down – 5.66% to close at ₦7.50
Top 3 by Volume
FBNH – 74,658,224
TRANSCORP – 31,368,366
ZENITHBANK – 26,916,359
Top 3 by Value
FBNH – ₦836,141,401.50
ZENITHBANK – ₦621,529,171.80
GTCO – ₦401,508,447.00
The current market decline is on the back of intense profit-taking, an increased interest rate and the worrying macroeconomic factors such as higher cost of goods and services caused by double-digit, hyperinflation.