NGX
NGX Sees 14% Decline in Market Activity as Trade Value Hits N85bn
Olamilekan Abayomi
The NGX recorded a 20.5% drop in trading activity, with 3.19 billion shares valued at N85.39 billion exchanged in 142,477 deals. This represents a significant decrease compared to the previous week’s 4.77 billion shares worth N107.42 billion.
In another instance, the NGX lost about N85 billion on Thursday as equities investors took quick profits from recently rallied stocks. The selloffs caused key performance indicators to dip by 0.15%, with the All-Share Index declining by 149.53 basis points to close at 99,134.85.
The total market capitalization closed at N56.08 trillion, following a surge of N84.59 billion. However, in a different session, the market capitalization slipped to N70.5 trillion, down from N70.548 trillion recorded in the previous session.
The market sector performance was mixed, with some sectors experiencing gains while others declined. The insurance sector grew by 1.66%, followed by a 0.28% gain in the Oil & Gas sector. Conversely, the banking and consumer goods sectors dropped by -1.30% and -0.09%, respectively.
Some stocks depreciated, with MAYBAKER being the top loser, experiencing a price depreciation of -10.00%. Other decliners included FIDELITYBK (-9.72%), STANBIC (-8.77%), and TRANSCORP (-3.29%). On the other hand, some gainers included OANDO (9.77%), ETERNA (9.67%), and VERITASKAP (9.52%).
The NGX’s recent performance reflects a cautious trading sentiment, with investors rebalancing portfolios amid profit-taking in some bellwether stocks, particularly in the financial sector.
