Open house week for unlisted securities in flat territory

By Dipo Olowookere

Investors on the trading floor of the Nigerian Exchange (NGX) Limited went on a panic selling spree on Monday amid recent declines in the ecosystem.

Yesterday, panic selling hit the stock market another 1.97% as stocks like Dangote Cement, GTCO, Lafarge Africa and 28 others closed in red territory.

Only seven stocks rose during the session as traders’ risk appetite continues to moderate amid stability in the fixed income sector, particularly in terms of interest rates.

On Monday, the Debt Management Office (DMO) sold FGN bonds in the primary market and it was observed that some investors liquidated their shares to buy the government securities, which compensated at 13.15%.

According to data from the exchange, the volume of shares traded yesterday increased by 43.04% to 345.0 million units from 241.2 million, the number of transactions increased by 0.63% to 5,075 transactions against 5,043 transactions, while the value of transactions decreased by 16.15% to 3.1 billion naira from 3.7 billion naira.

FCMB, which had an off-market deal of 148.7 million units by CSL Stockbrokers, was the most traded stock after selling 177.6 million units worth N669.0 million .

UBA traded 29.5 million shares worth N221.2 million, Access Holdings traded 22.0 million shares worth N206.4 million, FBN Holdings sold 12 .6 million shares for N114.0 million, while Transcorp traded 11.6 million shares for N14.3 million.

Union Bank and Dangote Cement ended the session as the worst performers, losing 10.00% each to trade at N5.40 and N249.30 respectively. 77% at 1.20N, International Breweries fell 9.60% to 5.65N, while Flour Mills fell 8.57% to 32.00N.

The best performing stock on the day was Jaiz Bank as its value rose 5.32% to 99 kobo, Regency Assurance gained 3.70% to 28 kobo, Japaul rose 3.33% to 31 kobo, Zenith Bank rose 2.80% cent to N22.00, while NAHCO rose 2.63% to N7.80.

In the first trading session of the week, despite the heavy selling, the banking sector closed up 0.35% and ended as the only gainer while industrials, consumer goods, insurance and energy depreciated by 5.27%, 1.16% cent, 0.94% and 0.23% respectively.

Consequently, the All Share Index (ASI) declined by 1,021.34 points to 50,756.74 points from 51,778.08 points, while the market capitalization fell from N550 billion to N27,364 billion. naira against 27,914 billion naira.

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