As equity investors last March lost more than N231 billion amidst a stock market rout that persisted for weeks, Nigerian Exchange (NGX) was forced to shed its weight. Disturbingly, last Friday, the local bourse lost more than N58 billion, thus opening the second quarter trading session in the red.
As a result, the Nigerian Exchange All-Share Index dipped by 0.26%, to stand at 46,842.86 points, thus dragging both the month-to-date and year-to-date performance at -0.26% and 9.66% respectively.
The positive momentum witnessed in February slowed down in March as weak sentiment took the centre stage though corporates declared positive earnings and dividends, Afrinvest said in a review.
The banking index decline contributed to negative performance in the local bourse as deposit money banks’ valuation declined strongly and the insurance sector has remained a non-performer.
Consequently, the benchmark index fell 0.9% in March to 46,965.48 points from February’s record amidst heavy loss in the oil and gas sector index on Friday. These negative trades dragged the year to date return to 9.9% from 10.7% a month ago while market capitalisation fell N231.2 billion to N25.20 trillion.
The monthly record of trading activity ended mixed as the average volume traded declined 14.9% to 256.0 million units whereas the average value traded rose 32.1% to N3.7 billion, Afrinvest said.
Data from the local bourse showed there were selloffs in 37 listed companies’ stocks on Friday, causing the All-Share Index to fall 122.62 basis points to close the day at 46,842.86 points.
On Friday, equity investors lost ₦58.36 billion even as NPF Microfinance Bank Plc listed additional shares (Rights Issue) of 3.11 billion ordinary shares of 50kobo each at ₦1.50 per unit.
Market capitalisation as of Friday printed at N25.25 trillion as trading activities were mixed. Total volume rose marginally by 0.51 per cent while the total value trade tanked by 21.77 per cent. Atlass Portfolios Limited said about 257.33 million units valued at ₦2.86 billion were transacted in 4,586 deals.
UBA top the position as the most traded stock in terms of volume, accounting for 18.65 per cent of the total volume of trades, followed closely by FIDELITYBK (18.07%), ZENITH BANK (9.40%), GTCO (5.64%) and ACCESSCORP (5.35%) to complete the top five on the volume chart.
ZENITH BANK emerged as the most traded stock in value terms, with 18.90 per cent of the total value of trades on the exchange.
NAHCO topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by MEYER (9.09%), FIDELITYBK (7.19%), JAPAULGOLD (6.25%), INTBREW (3.41%), CAVERTON (1.69%), JBERGER (1.17%) and five (5) others.
Thirty-seven (37) stocks depreciated, led by REDSTAREX with a price decline of 10.00 per cent to close at ₦2.7.
TOTAL (-9.97%), CAP (-9.09%), ETERNA (-8.76%), OKOMUOIL (-5.14%), GTCO (-4.02%), ARDOVA (-2.92%), UACN (-2.09%), FBNH (-1.61%), and DANGSUGAR (-1.25%), ACCESSCORP (-0.51%), WAPCO (-0.42%), GUINNESS (-0.28%) also dipped in price.
Due to a bearish outing, the market breadth ended negative, recording 12 gainers and 37 losers. Sectoral performance was negative, as four of the five major sectors closed bearishly compared to the previous session.
The bear was led by Oil & Gas (-3.07%), Insurance (-0.61%), Industrial Goods (-0.07%), and Consumer Goods (-0.004%), respectively, while the Banking sector was the only sector with an upsurge of 0.02%.