NGX Sheds Weight on Monday as Investors Book Profit
The Nigerian Exchange, NGX, on Monday sheds weight as investors’ book profit after a positive close to the previous week. The market was well advanced amidst bargain hunting as corporate declare interim dividends.
Third-quarter earnings results which continue to pop into the Nigerian Exchange has helped improve investors’ sentiment as market return moves upward.
Though starting a new week on a negative note, some stockbrokers anticipate a rebound as yield in the fixed income market stays unimpressive.
At the close of the trading session on Monday, key market performance indicators declined by 0.15 per cent, data from the Nigerian Exchange shows.
Stocks pickers at Atlass Portfolios Limited said the negative sentiment was driven by price decline in Banking, Consumer Goods and Oil & Gas sectors as investors begin profit-taking from the recent price appreciation.
Consequently, the All-Share Index decreased by 61.81 basis points, representing a decline of 0.15 per cent to close at 41,976.79 points. The index had crossed the 42,000 basis points benchmark last week.
With the bearish entry into the space, total market capitalisation declined by ₦32.26 billion, representing a dip of 0.15 per cent to close at ₦21.91 trillion.
Similarly, the market activities traded negative, as the total volume and value dipped significantly by 66.53 per cent and 76.46 per cent. A total of 378.15 million units valued at ₦3.24 billion were transacted in 6,384 deals.
MBENEFT topped the traded stocks in terms of volume, accounting for 13.87 per cent of the total volume of trades, followed by UBA (7.75%), FBNH (7.29%), AIICO (7.13%), and TRANSCORP (6.93%) to complete the top five on the volume chart.
ZENITH BANK appeared as the most traded stock in value terms, with 10.48 per cent of the total value of trades on the exchange. The lender had posted N180 billion pretax profit in its 9-month result for 2021.
On the profitability table, FIDSON led in the gainers’ chart as its share prices appreciated by 9.92 per cent, trailed GUINNESS (9.92%), GLAXOSMITH (6.56%), WEMABANK (4.94%), WAPCO (1.85%), VITAFOAM (1.08%), STERLNBANK (0.67%), FLOURMILL (0.17%), STANBIC (0.13%) and 10 others.
On the other hand, 31 stocks depreciated in price led by ETERNA with price decline of 9.94 percent to close at ₦7.79, as HONYFLOUR (-7.78%), CUTIX (-4.76%), ETI (-4.49%), FBNH (-2.71%), UCAP (-2.17%), LIVESTOCK (-1.35%), NB (-0.94%), GTC0 (-0.87%), UBA (-0.58%), ACCESS (-0.53%) and ZENITHBANK (-0.40%), also depreciated in price.
Following the bearish session recorded, the stock market breadth closed negative, recording 20 gainers and 31 losers. #NGX Sheds Weight on Monday as Investors Book Profit
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