Investors at the Nigerian Stock Exchange (NGX) suffered a loss of approximately ₦73 billion as share prices declined across key sectors. The market witnessed significant sell-offs on Monday as investors capitalized on last week’s gains.
This drop occurred immediately following last week’s notable ₦1.83 trillion rise on the NGX. The year-to-date (YTD) return on investments consequently decreased, particularly after Nigeria’s January inflation statistics was made public.
The overall market performance dropped by 0.11% due to major sell-offs. Investors sold off shares of companies like VFD Group, OANDO, ETERNA, and PZ, reversing some of the price increases these stocks saw last week.
Specifically, the NGX All-Share Index (ASI), which tracks the overall market performance, fell by 115.78 points, representing a 0.11% decline, closing at 107,937.74.
Despite the drop in market value, trading volume increased by 6.75%, meaning more shares were bought and sold. However, the total value of all transactions fell by 7.91%, indicating that investors were trading lower-priced stocks.
Atlass Portfolios Limited, a financial advisory firm, reported that about 511.10 million shares worth ₦12.81 billion were traded across 17,095 transactions.
Top Trading Stocks:
- ACCESSCORP led the market in trading volume, accounting for 28.18% of the total shares traded. Other active stocks included AIICO (4.83%), UPDC (4.01%), FIDELITYBK (3.90%), and UBA (3.51%).
- ACCESSCORP was also the most traded stock in terms of value, making up 31.51% of the total money invested in the market.
Biggest Gainers:
Some stocks performed well despite the general market decline. Nigerian Breweries led the gainers’ chart, rising by 10%. Other stocks that gained value include:
- CADBURY (+9.97%)
- TIP (+9.88%)
- INTENEGINS (+9.87%)
- ENAMELWA (+9.43%)
- SMURFIT (+7.69%)
Biggest Losers:
However, many stocks lost value, with 41 companies seeing price declines. The biggest losers were:
- IKEJAHOTEL (-10.00%)
- LEARNAFRICA (-10.00%)
- VFDGROUP (-9.66%)
- OANDO (-8.43%)
- PZ (-6.64%)
- HONYFLOUR (-3.57%)
- TRANSCORP (-1.64%)
Sectoral Performance:
Out of the five major market sectors, three recorded losses:
- Insurance sector declined by 1.69%
- Oil & Gas sector dropped by 1.07%
- Banking sector fell by 0.40%
Nonetheless, the industrial and consumer goods sectors saw modest increases of 0.12% and 1.35%, respectively. The Nigerian Exchange closed at ₦67.35 trillion at the end of the trading day, down ₦72.50 billion in total market capitalisation, or 0.11% overall.
