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NGX dips further with N294bn loss after FTSE Russell downgrade

The Nigerian Exchange (NGX) closed in negative territory at the end of Tuesday’s trading session as equities fell by N294 billion on the back of FTSE Russell ratings.

Recall, that NewsTimes reported that FTSE Russell, the global index provider, downgraded the Nigerian Stock Exchange from “Frontline” to “Unclassified Market.” The reclassification, set to take effect on September 18, 2023, prompted immediate selloffs as equities took a plunge.

How Equities Reacted

The All-Share Index (ASI) traded –0.80% lower to close at 66,760.20 index points as against 67,296.18 index points recorded in the previous day’s trading session.

Likewise, the market capitalization of equities saw a loss of N294 billion to close at N36.538 trillion, -0.80% lower than the N36.832 trillion recorded in the previous trading session.

Market Indices

Below are the market indices for today’s trading session:

NGX ASI: 66,760.20 points

  • % Day Change: -0.80%
  • % YTD: +30.06%
  • Market Cap: N36.538 trillion
  • Volume Traded: 645.54 million
  • Value: N11.01 billion
  • Deals: 10,554

How Stocks Performed

Market breadth closed negative as CWG (10.00%) led gainers, ETRANZACT (-10.00%) led losers while TRANSCORP was the most traded equity – by volume – at the end of today’s session.

Top Gainers and Top Losers

CWG, CHELLARAM, and VITAFOAM led the top gainer’s chart as they all gained +10.00%, +10.00%, and +9.78% respectively.

Meanwhile, ETRANZACT, REGALINS, and NASCON led the top losers’ chart as they lost –10.00%, -10.00%, and –9.96% respectively.

Top Traded Stocks

There was higher trading activity in terms of volume as 645.54 million units of shares were traded today compared to the 520.13 million traded from the previous day’s session.

TRANSCORP led the chart in terms of volume as 87.82 million units were traded. UBA (75.85 million) and ACCESS HOLDINGS (69.45 million) rounded up the top 3 traded stocks for today.

In terms of value traded, GTCO (N1.33 billion) led the chart followed by ACCESS HOLDINGS (N1.05 billion) and UBA (N1.03 billion) to round up the top three.

SWOOTs Watch

Shares of stocks worth over one trillion (shoot) saw mixed results as MTN NIGERIA (-1.53%), ZENITH BANK (-3.45%), and GTCO (-1.41%) all recorded negative trading sessions.

BUA CEMENT, BUA FOODS, SEPLAT ENERGY, DANGOTE CEMENT, and AIRTEL AFRICA all closed flat.

FUGAZ Update

Shares of tier 1 banks all saw negative trading sessions as GTCO (-1.41%), UBA (-0.36%), ZENITH BANK (-3.45%), ACCESS HOLDINGS (-4.06%) and FBN HOLDINGS (-0.28%) closed negative.

 

 

 


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