Market Rollercoaster: Bears Take Charge as Profit Booking Dips Market by 0.2%
so here’s the scoop on what went down at the Nigerian Exchange Limited (NGX) on Monday. The market took a bit of a dip, and the bears were calling the shots, ending the four-day winning streak. The All Share Index (ASI) took a hit, dropping by 0.15 percent to 71,008.70 basis points. What caused this? Well, it seems like some big players in the banking sector, like Zenith Bank, Stanbic IBTC Holdings, and United Bank for Africa, decided to cash in, causing their share prices to drop by 0.75 percent, 7.08 percent, and 0.48 percent, respectively. Ouch!
As a result, the Month-to-Date and Year-to-Date returns cooled off to +2.6 percent and +38.6 percent, respectively. And get this, a whopping N57.31 billion was wiped out from investors’ pockets, leaving the market capitalization at N39.05 trillion. That’s a pretty big chunk of change!
Now, let’s talk winners and losers. On the bright side, Mecure Industries Plc and Multiverse Mining and Exploration Plc were the stars of the show, with their share values shooting up by 10.0 percent and 9.9 percent, respectively. But on the flip side, R T Briscoe Plc and Prestige Insurance took a hit, with their share prices dropping by 9.8 percent and 9.1 percent. It’s a rollercoaster out there!
Looking at the different sectors, things were a bit gloomy. The NGX Banking and Consumer Goods sectors saw losses of 0.36 percent and 0.09 percent, while the Oil/Gas and Industrial Goods sectors remained steady. The only sector that managed to stay in the green was Insurance, with a 0.50 percent gain. It’s like a game of ups and downs!
As for the trading action, it was a bit quiet. The total volume and value of trades took a nosedive, dropping by 18.83 percent and 27.77 percent to 358.45 million units and N4.36 billion, respectively. But hey, the number of deals went up by 11.35 percent to 6,551 trades. It’s all about the hustle and bustle!
And guess who stole the spotlight? Access Holdings was the talk of the town, with a whopping 27.58 million units traded, valued at N474.63 million. Meanwhile, Zenith Bank took the crown for the most traded in terms of value, raking in N502.95 million. That’s some serious action!
So, there you have it, folks. The market had its ups and downs, but that’s just the name of the game. Let’s see what the next trading day has in store for us!
