Nigerian Exchange Sheds N21bn as Investors Take Profit

The Nigerian Exchange (NGX) shed about N21 billion on Monday due to profit taking activities on stocks. Hence, key market performance indicators dipped by -0.04% ahead of second quarter of 2024 earnings season.

Stockbrokers attributed negative outturn in the local bourse to profit-taking in some major market sectors, led by the Insurance sector, which declined by -1.17%.  According to data from the exchange, the market index or All-Share Index decline by 36.66 basis points to close at 100,020.83,

Trading activities dipped amidst selloffs following spot rates adjustment in the fixed income market last week. Total volume and total value traded for the day dropped by -46.11% and -62.44%, data from the Nigerian Exchange showed.

In its market update, Atlass Portfolios Limited told investors that approximately 274.68 million units valued at ₦3,712.97 million were transacted in 10,112 deals.

UCAP was the most traded stock in terms of volume, accounting for 9.71% of the total volume of trades. The company was followed by LINKASSURE (8.72%), AIICO (5.18%), CWG (4.17%), and UNIVINSURE (4.05%) to complete the top 5 on the volume chart.

Also, UCAP was also the most traded stock in value terms, with 19.87% of the total value of trades on the exchange.  LINKASSURE topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by AFRIPRUD with +9.76% price surge.

Other gainers are: UNITYBNK (+9.74%), WAPIC (+8.96%), SOVRENINS (+8.89%), ACADEMY (+8.15%), and fourteen others. NGX Trading data showed that twenty-seven stocks depreciated.

ETRANSACT was the top loser, with a price depreciation of -10.00%. Other decliners are: FIDSON (-9.70%), CORNERST (-9.52%), NGXGROUP (-6.38%), CHAMS (-4.17%), and ZENITHBANK (-2.52%).

At the close of trading session, the market breadth closed negative, recording 20 gainers and 27 losers. Also, the market sector performance was negative.

Today, four of the five major market sectors ended in red, led by the Insurance sector, which fell by – 1.17% followed by the Consumer goods sector which shed 0.11%. The Banking sector by decreased by 0.08% while the Oil & Gas sector lost 0.01%. The Industrial sector closed flat.

Overall, the equities market capitalisation of the Nigerian Exchange lost ₦20.74 billion, representing a decline of -0.04%, to close at ₦56.58 trillion. #Nigerian Exchange Sheds N21bn as Investors Take Profit

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