The Nigerian Exchange (NGX) exhibited a second consecutive day of bearish trends, with the All-Share Index falling by 0.77%. The index closed at 97,473.98 points, down from the previous day’s 97,708.74 points.
This marks the lowest point for the index since January 22, 2024. The All-Share Index had remained above the 98,000-point mark since February, delivering a 39.84% return by the end of the first quarter of the year.
However, following the announcement of banking recapitalization, banking stocks have led the sell-offs, shedding over 18% this quarter. The rise in interest rates for fixed-income securities has also affected interest in equities.
The market dip on the day stemmed from a notable 10% loss in Dangote Sugar and PZ shares to N40.50 and N22.50 respectively.
Consequently, both companies shed N64.6 billion in their market value. Dangote Sugar’s market capitalization moved from yesterday’s N546.6 billion to N491.9 billion, while PZ Cusson’s market cap declined to N89.3 billion from yesterday’s N99.3 billion.
Overall, equities lost N132.6 billion as NGX’s market capitalization declined from yesterday’s N55.265 trillion to N55.132 trillion.
The market breadth was marginally positive as there were 22 gainers against 20 losers. There was a 30.2% decline in the volume of shares traded to 306.6 million, down from yesterday’s 439.1 million shares. There was also a 7.6% decline in the number of deals to 7,951 from yesterday’s 8,607.
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Market Indices
- NGX All-Share Index: 97,473.98 points
- Previous ASI: 97,708.74 points
- % Day Change: -0.77%
- Day’s Lowest: 97,473.98 points
- Day’s Highest: 98,255.72 points
- % YTD: +30.36%
- Market Cap: N55.13 trillion
- Volume Traded: 306.6 million units
- Value: N5.813 billion
- Deals: 7,951
Top Gainers
- LEARNAFRICA: +10.00% to close at N3.63
- TANTALIZER: +10.00% to close at N0.55
- MCHNICHOLS: +9.89% to close at N1.00
- REGALINS: +9.38% to close at N0.35
- CUTIX: +8.33% to close at N3.25
Top Losers
- DANGSUGAR: -10.00% to close at N40.50
- PZ: -10.00% to close at N22.50
- TIP: -10.00% to close at N2.25
- NEM: -9.66% to close at N9.35
- CAVERTON: -9.55% to close at N1.42
Top Traded Stocks
The leading five traded stocks, comprising Access Holdings, GTCO, Nigerian Breweries, UBA, and Royal Exchange, collectively contributed 44% of the market’s total trade volume.
Today, Access Holdings saw 33.23 million shares traded, experiencing a 0.29% decrease. GTCO, with a 0.12% increase, witnessed 32.25 million shares traded, while Nigerian Breweries had 27.46 million shares traded. UBA, facing a 2.34% decline in share value, recorded 22.52 million shares traded, whereas Royal Exchange, which suffered an 8.77% loss, saw 19.46 million shares traded.
GTCO led in traded value with N1.36 billion shares traded, trailed by NB at N631.76 million. Access Holdings saw N575.6 million in trading, while Zenith Bank, despite a 0.86% dip, traded N536.93 million worth of stock. UBA recorded N519.5 million in trading.
SWOOTs and FUGAZ Update
Most of the stocks worth over one trillion (SWOOT) closed flat as only Zenith Bank and GTCO recorded price changes, dipping by 0.86% and gaining 0.12% respectively. Other members of the category, AIRTELAFRI, BUACEMENT, BUAFOODS, DANGCEM, GEREGU, MTNN, SEPLAT, TRANSCOHOT, and TRANSPOWER recorded no price changes.
Trading sentiment was mostly flat for tier-1 banking stocks as FBNH, Zenith Bank, Access Holdings and UBA declined by 2%, 0.86%, 0.29%, and 2.34% respectively, while GTCO posted a 0.12% increase.
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