FUGAZ
Market carnage as Bears send stocks diving by 1190.24 points, losses hit N673 billion
The Nigerian Stock Exchange (NGX) closed on a bearish note as selloffs overtook buying activities.
The All-Share Index dipped by 1,190.24 points to settle at 98,121.30, reflecting widespread negative sentiment among investors, down from its previous mark of 99,311.54 points.
Market capitalization also witnessed a decline, shedding approximately N673 billion to close at N55.494 trillion, a fall from the preceding value of N56.167 trillion.
The slump was primarily attributed to underperforming heavyweights within the SWOOT sector. However, defying the downward trend, TIP, SUNUASSUR, and NEIMETH stood out with a remarkable 10% surge in their share prices, outperforming 22 other advancing stocks.
Conversely, TRANSCOHOT, MTNN, and PRESTIGE were at the forefront of the downturn, each recording a 10% drop in share price among the 19 retreating stocks.
Despite the overall market contraction, GTCO led in terms of trade volume and value, although the day’s total trades concluded at 7,907, a decrease from the 7,324 transactions of the previous trading day.
Market Indices
- NGX All-Share Index: 98,121.30 points
- Previous ASI: 99,311.54 points
- % Day Change: -1.20%
- Day’s Lowest: 98,135.42 points
- Day’s Highest: 99,383.80 points
- % YTD: +31.22% (Previous: +32.82%)
- Market Cap: N55.494 trillion
- Volume Traded: 395.75 million units
- Value: N9.576 billion
- Deals: 7,907
Top Gainers
- TIP: +10% to close at N1.98
- SUNUASSUR: +10% to close at N1.21
- NEIMETH: +10% to close at N1.98
- CAP: +9.90% to close at N28.85
- UPDC: +9.76% to close at N1.35
Top Losers
- TRANSCOHOT: -10% to close at N87.93
- MTNN: -10% to close at N201.60
- PRESTIGE: -10% to close at N0.60
- OANDO: -9.90% to close at N9.10
- FBNH: -9.82% to close at N19.75
Top Traded Stocks
The trading market experienced a significant decrease in volume, with a 31.1% drop to 395.75 million shares, a sharp decline from the previous session’s 574.43 million. GTCO led the pack with a substantial 814.07 million shares, followed by ZENITHBANK at 461.56 million shares. Other notable volumes were recorded by UBA with 41.60 million shares, FBNH with 23.44 million, and ACCESSCORP closing the list with 22.30 million shares.
Despite the slump in volume, the market’s trade value saw a boost, increasing by 22.1% to reach N9.58 billion, up from N7.84 billion, marking a N1.73 billion gain. GTCO was at the forefront of trade values, amassing N2.93 billion, with ZENITHBANK trailing at N1.69 billion. UBA, NB, and MTNN also made significant contributions with N953.52 million, N574.99 million, and N560.45 million, respectively.
SWOOT and FUGAZ Update
The SWOOT group exhibited a mixed financial performance, with the banking sector showing a modest uptick in market value; Zenith Bank and GTCO experienced slight gains of 1.67% and 0.7%. On the other hand, MTN Nigeria and TRANSCOHOT faced a significant decline in earnings, both recording a 10% decrease.
Contrastingly, a number of companies including AIRTELAFRICA, BUACEMENT, BUAFOODS, DANGCEMENT, GEREGU, SEPLAT, and TRANSPOWER, managed to maintain their stock prices amidst market fluctuations, showcasing their stability.
Specifically, within the banking sector, Zenith Bank, GTCO, and Access Holdings saw their share prices rise by 1.67%, 0.7%, and 0.31%, respectively. In opposition, FBN Holdings and UBA witnessed a downturn in their stock values, with decreases of 9.82% and 1.3%, respectively.
