NGX loses N206bn as sell-offs deepen

Spread the word Nigerian equities ended the week in the red as renewed sell-offs in selected stocks cut market capitalisation by about N206 billion to N160.519 trillion.

The NGX All-Share Index closed at 247,222.27 points, down from 247,537.73 points. Breadth was negative, with 55 losers against 20 gainers. Year-to-date return stands at 58.87 per cent.

Trading was mixed. Volume rose 22.0 per cent week-on-week and value rose 12.93 per cent, while deals fell 6.23 per cent. Investors traded 2.024 billion shares worth N110.773 billion in 173,113 deals.

Financial Services led activity with 1.111 billion shares valued at N53.908 billion, contributing 54.89 per cent of volume and 48.66 per cent of value. Consumer Goods followed with 394.039 million shares worth N9.811 billion, while Agriculture traded 147.170 million shares valued at N2.821 billion.

Multitrex Integrated Foods, Zenith Bank and Livestock Feeds were the most active stocks, together accounting for 521.565 million shares worth N19.093 billion.

Industrial Goods led the sectors with a 1.95 per cent gain, helped by Meyer and Dangote, which offset losses in HBMNG and Triple G. Insurance posted the steepest decline at 2.80 per cent, weighed down by Regal Insurance, Linkage Assurance and AIICO, despite a 1.25 per cent gain in WAPIC.

Oil and Gas fell 2.55 per cent as sell-offs in Aradel, Oando and Eterna reversed the previous week’s buying momentum. Banking lost 0.67 per cent as declines in Access Corp, UBA and Zenith Bank outweighed gains in FirstHoldco and Fidelity Bank. Consumer Goods shed 0.55 per cent, dragged by International Breweries, Vitafoam and Dangote Sugar.

ABC Transport topped the gainers with 20.7 per cent, followed by AvaCap (17.7 per cent), Caverton (17.1 per cent), Fidelity Bank (14.0 per cent) and Multitrex (10.0 per cent). UPDC Reit led the decliners with 17.3 per cent, followed by Omatek (12.5 per cent), UPL (12.1 per cent), Regal Insurance (11.3 per cent) and NGX Group (10.3 per cent).