Second day of declines for NGX as investors show caution towards bank recapitalization

The NGX All-Share Index continued its bearish movement, dropping 336.82 points to close at 104,181.32 points, down from the previous session’s close of 104,518.14 points. 

The total market capitalization saw a significant decline of N190.45 billion, finishing at N58.905 trillion, which is a 0.32% decrease from the previous value of N59.095 trillion.  

This is the second straight day that the market has dropped as investors react negatively to the bank recapitalization plans of the central bank.

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While most bank stocks survived with modest gains on Tuesday, they mostly recorde

d losses on Tuesday as investors continue to digest the possible implications.

Market sentiments are twofold: some believe the recapitalization plans could lead to higher share prices for bank stocks as investors shore up their positions. The understanding is that the more expensive the stock, the fewer shares the banks will have to issue. However, others opine that cheaper stocks could bode well for banks seeking rights issues, as it allows existing shareholders to secure their rights at an undervalued price.

Recommended reading: NGX All-Share Index surges by 39.84% in Q1 2024

Market Performance

The decline recorded on Wednesday was primarily due to the underperformance of Nigeria’s most capitalized Stocks also known as SWOOTs. 

• Universal Press Plc (UPL) emerged as the leader among 21 advancing stocks, with its share price increasing by 9.84%.
• On the flip side, INTENEGINS and CAVERTON were among the most impacted, with their shares falling by 10% each, amidst 32 declining stocks.
• In terms of trading activity, ACCESSCORP was the most actively traded stock by volume, while ZENITHBANK held the position for the highest monetary value in traded shares. 

Transaction counts in the market fell to 10,364 deals, a reduction from the 12,925 transactions recorded in the previous trading session. 

Market Indices  

• NGX All-Share Index: 104,181.32 points    
• Previous ASI: 104,518.14 points 
• % Day Change: -0.32%   
• Day’s Lowest: 104,181.32 points      
• Day’s Highest: 104,539.22 points 
•  % YTD: +39.33% (Previous: +39.78%)    
• Market Cap: N58.905 trillion     
• Volume Traded: 405.026 million units     
• Value: N8.908 billion     
• Deals: 10,364 

Top Gainers   

• UPL: +9.84% to close at N2.68 
• SCOA: +9.69% to close at N2.15 
• MORISON: +9.66% to close at N1.93 
• CUTIX: +9.62% to close at N2.85 
• MBENEFIT: +9.38% to close at N0.70 

Top Losers 

• INTENEGINS: -10% to close at N1.44 
• CAVERTON: -10% to close at N1.62 
• THOMASWY: -9.63% to close at N1.97 
• NEM: -9.60% to close at N8.95 
• TANTALIZER: -9.52% to close at N0.38 

Top Traded Stocks 

During the latest trading session, there was a noticeable downturn in market activity, evidenced by a 140.47 million share decrease in the volume of shares traded.

• This represented a 25.75% drop, bringing the total volume to 405.03 million units, a fall from the previous session’s 545.49 million shares. 
• ACCESSCORP was at the forefront of trading volume, with an impressive 50 million units, closely tailed by UBA with 49.01 million units. Other stocks that stood out included TRANSCORP with 45.95 million, ZENITHBANK with 41.88 million, and GTCO with 29.70 million units traded. 
• In terms of market value, the decline persisted at 39.04%, translating to a N5.71 billion reduction, ending the session at N8.91 billion, down from N14.61 billion in the last session.
• ZENITHBANK was the major contributor to this total, with shares amounting to N1.86 billion, followed by GTCO at N1.57 billion, UBA at N1.37 billion, ACCESSCORP at N1.24 billion, and TRANSCORP contributing N612.79 million. 

SWOOT and FUGAZ Update 

In the SWOOT category, the banking sector witnessed a downturn in earnings, with FBN Holdings experiencing a 5.02% fall, and both GTCO and Zenith Bank seeing their stock values diminish by 1.23%.  

• Conversely, the bulk of the SWOOT group, encompassing entities such as AIRTELAFRI, BUA Cement, BUAFOODS, DANGCEM, GEREGU, MTNN, SEPLAT, TRANSCOHOT, and TRANSPOWER, showcased resilience by keeping their stock prices constant despite market volatility.  
• An analysis of the day’s trading activity among prominent banks indicated adverse results, with FBN Holdings registering a 5.02% loss, Access Holdings a 4.2% reduction, UBA a 1.79% decline, and both GTCO and Zenith Bank a 1.23% decrease in share prices. 

Recommended reading: Bank recapitalisation: up to N4 trillion of inflow expected to meet new requirement – Agusto & Co

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