Sell-offs at NGX dip equities market by 0.9% as investors lose N480.8bn

At the Nigerian Exchange Limited (NGX) on Thursday, sentiments in the domestic equities market remained bearish as profit-taking activities in Dangote Sugar and Stanbic IBTC Holdings caused a 0.86 percent decline in the NGX All Share Index (ASI) to 101,227.66 basis points.

Consequently, the Month-to-Date and Year-to-Date returns moderated to +0.1 percent and +35.4 percent, respectively.

Equities investors therefore lost shed N480.78billion as this downward trend led to a decrease in the market capitalization of listed equities by 0.86 percent to N55.39 trillion. 

As measured by market breadth, market sentiment was negative as 51 tickers lost relative to 6 gainers. On the performance board, Sterling Financial Holdings and Nascon Industries topped the losers’ list having dipped in stock value by 10.0 percent, respectively, while Meyer and Tantalizer recorded the highest gains of the day after their share value appreciated by 10.0 percent and 4.8 percent, respectively. 

Across sectors, bearish sentiments were widespread, notably in the Insurance and Banking sectors, which recorded declines of 4.19% and 2.33 percent respectively, driven by adverse price movements in key stocks like Consolidated Hallmark Insurance, Sterling Financial Holdings, Prestige Insurance and Access Holdings.

Consumer Goods, Oil & Gas, and Industrial Goods sectors followed suit, declining by 1.90 percent, 0.49 percent, and 0.30 percent respectively, due to sell-offs in Nascon, Eterna, Transcorp, Oando and Lafarge Africa.

Despite prevailing pessimism, market activities saw an uptick with traded volume increasing by 39.91 percent to 478.38 million units. Total traded value also rose by 11.97 percent to N7.2 billion, accompanied by a 13.37 percent increase in total deals, totaling 10,957 trades. 

Closing out the session, Universal Insurance emerged as the most traded security by volume, with 42.77 million units traded in 107 trades, while Zenith Bank led in value traded, totaling N1.12 billion in 752 trades.