The Nigerian equity market experienced a significant pullback on Tuesday, as investors booked profits after a strong performance in the previous trading day.
The All-Share Index (ASI) closed at 60,715.04 index points, down 1.99% from the 61,949.24 index points it recorded at the end of the previous trading day.
The market value of shares fell by N671 billion, or 1.99%, to N33.06 trillion at the close of trading. This was a significant decline from N33.731 trillion in the previous session.
Market Indices
Below are the market indices for today’s trading session:
NGX ASI: 60,715.04 points
% Day Change: -1.99%
% YTD: +18.47%
Market Cap: N33.06 trillion
Volume Traded: 1.11 billion
Value: N12.21 billion
Deals: 12,194
How Stocks Performed
The day’s session ended with a positive market breadth as CHIPLC gained 10.00%, topping the list of gainers, while LASACO lost 13.86%, leading the list of losers. FCMB was the most traded stock by volume at the close of the market.
Shares were exchanged for N12.21 billion today, down 13.03% from the N14.04 billion value of the previous day’s session. This suggests a reduced market trade value.
Top Gainers and Top Losers
The top gainers with double-digit percentage increases were CHIPLC, ETERNA, and CHAMS as they each saw gains of 10.00%, 9.96% and 9.88% respectively.
Meanwhile, LASACO, PZ, and WEMABANK were at the top of the list of top losers, having shed –13.86%, -10.00% and –9.98% respectively.
Top Traded Stocks
1.11 billion shares were exchanged today as opposed to 1.20 million during the previous session, which indicates lesser trading activity in terms of volume.
FCMB, STERLING and TRANSCORP were the most traded stocks today, with volumes of 180.75 million, 107.54 million and 105.87 million units respectively. These three stocks accounted for more than half of the total market turnover.
The top three companies in terms of value traded were ACCESSCORP (N1.34 billion), UBA (N1.12 billion), and FCMB (N981.47 million).
SWOOTs Watch
The market value of swoot declined sharply due to losses in BUA CEMENT, GTCO, ZENITH BANK, and MTN NIGERIA. These stocks fell by 9.86%, 3.84%, 3.83%, and 1.8% respectively.
The market witnessed no significant changes in the prices of DANGOTE CEMENT, AIRTEL AFRICA and BUA FOODS, as they all closed at the same level as the previous day.
FUGAZ Update
The stock market witnessed a bearish trend as the top five banks in the country recorded losses. GTCO, UBA, ACCESS HOLDINGS, ZENITH BANK and FBN HOLDINGS declined by 3.84%, 5.2%, 6.03%, 3.83% and 2.45% respectively.
A swim does not make s summer. There must be profit taking that may likely depress the market..Recall the FGN monthly bond sale is ongoing and investors are weighing options and market prices are not pocket friendly. It is not yet a bear market. Expect some good Q2 results to propel the market. Also expect some depressing results as well from the reactions to economic policy shifts