Bears assert dominance, crashing stocks by 183.88 points, erasing N103.97 billion in value

The NGX All-Share Index on the Nigerian Exchange Limited (NGX) experienced a slight decline, dropping by 183.88 points to reach 103,952.47 points.

This marks a decrease from its previous closing level of 104,136.35 points.

Due to this downturn in the market, there was a loss of N103.97 billion in market capitalization, indicating a decrease in investor confidence in the equity markets. This resulted in a total market capitalization of N58.78 trillion, down from the previous value of N58.88 trillion.

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Most financial sector stocks saw a downturn, with Zenith Bank being the exception. MTNN’s market value loss also contributed to the overall market decline.

However, the market mood remained cautiously optimistic, as evidenced by ABBEYBDS, which led to 27 gainers with a significant 10% jump in stock price.

In contrast, UPDC’s stock fell by 10%, ranking it among the day’s largest decliners out of 24. GTCO emerged as a focal point in terms of trading volume and value.

Additionally, the market saw a decrease in activity, with the number of transactions dropping to 8,689 from the previous session’s 9,343 deals.

Market Indices

NGX All-Share Index: 103,952.47 points
Previous ASI: 104,136.35 points
% Day Change: -0.18%
Day’s Lowest: 103,933.86 points
Day’s Highest: 104,247.51 points
% YTD: +39.02% (Previous: +39.27%)
Market Cap: N58.78 trillion
Volume Traded: 374.41 million units
Value: N11.29 billion
Deals: 8,689

Top Gainers

ABBEYBDS: +10% to close at N2.42
CONHALLPLC: +9.92% to close at N1.44
JULI: +9.80% to close at N8.63
MAYBAKER: +9.69% to close at N6.00
INTENEGINS: +9.63% to close at N1.48

Top Losers

UPDC: -9.87% to close at N1.37
UCAP: -8.75% to close at N21.90
SOVRENINS: -8.33% to close at N0.44
FTNCOCOA: -8.00% to close at N1.61
LIVESTOCK: -7.82% to close at N1.65

Top Traded Stocks

In the latest trading session, the stock market saw a downturn, yet the volume of shares traded rose significantly by 67.59 million shares, a 22.03% increase, totalling 374.41 million units compared to 306.82 million in the previous session.

Leading the volume was GTCO with 67.15 million units traded, followed by UBA with 51.47 million, ZENITHBANK with 42.44 million, ACCESSCORP with 33.32 million, and FIDELITY with 30.03 million units.

Despite the higher volume, the value of shares traded dipped slightly by 0.81%, a N92.19 million decrease, ending the day at N11.29 billion, down from N11.38 billion. GTCO contributed the most to the traded value, with N3.27 billion, while ZENITHBANK, UBA, MTNN, and ACCESSCORP followed with N1.71 billion, N1.37 billion, N1.21 billion, and N808.28 million, respectively.

SWOOT and FUGAZ Update

Zenith Bank emerged as the sole SWOOT group member to witness a market value increase, boasting a 2.41% rise. In contrast, FBN Holding, GTCO, and MTNN saw their market capitalizations diminish by 3.57%, 1.86%, and 1.7%, respectively.

Other constituents of the SWOOT group, namely AIRTELAFRI, BUA Cement, BUAFOODS, DANGCEM, GEREGU, SEPLAT, TRANSCOHOT, and TRANSPOWER, demonstrated resilience against market volatility by maintaining their stock prices.

Considering the performance of the leading banks, FBN Holdings, Access Holdings, and GTCO experienced a downturn in stock values by 3.57%, 2.12%, and 1.86%, respectively. Conversely, Zenith Bank and UBA bucked the trend with market worth increases of 2.41% and 1.33%, respectively.

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