Blue-chip stocks push Nigerian exchange market to massive N1.365 loss

Significant sell-offs in blue-chip stocks dragged the Nigerian Exchange Limited (NGX) into a massive decline on Monday.

Monday’s downturn wiped out N1.365 trillion in market value and ended a 14-day bullish streak.

Market capitalization declined by 0.94 percent to close at N143.969 trillion, down from N145.334 trillion recorded in the previous session.

In the same vein, the All-Share Index shed 2,120.20 points, or 0.94 percent, falling from 225,722.49 to 223,602.29.

Further analysis showed that despite the downturn, the market maintained a strong year-to-date return of 43.69 percent.

However, investor sentiment weakened, with market breadth closing negative as 40 stocks recorded losses against 36 gainers.
Losses were driven by major blue-chip stocks, with FirstHoldCo, United Bank, and Trans-Nationwide Investment Company topping the losers’ chart after shedding 10 percent each to close at N67.50, N49.50, and N7.11 per share, respectively.

Access Corporation also declined by 9.90 per cent to N28.20, while Fidelity Bank fell by 9.87 per cent to N20.10 per share.

On the gainers’ side, Abbey Mortgage Bank led with a 9.26 percent increase to close at N5.90. Zichis Agro Allied Industries followed with an 8.91 per cent rise to N16.99, while Wema Bank gained 8.80 per cent to settle at N34 per share.

NPF Microfinance Bank advanced by 8.19 per cent to N5.68, and WAPIC rose by 7.26 per cent to close at N2.66 per share.

Trading activity improved, with total volume increasing by 8.06 per cent to 678.17 million shares valued at N44.14 billion across 83,838 deals.

Zenith Bank dominated the activity chart, recording the highest volume and value with 76.07 million shares worth N9.53 billion, accounting for 11.22 per cent and 21.60 per cent of total trades, respectively.