Nigerian stocks fall for fourth trading day as volume declines
Nigerian stocks fell for the fourth consecutive trading day on Monday, as the main stock market index contracted 0.07%.
The NGX 30, the index that tracks the combined progress of the top 30 companies in terms of market value and liquidity, lost 0.09%, approaching a few points from its lowest level since the beginning of the month. year.
Trading was subdued for days, but the level of activity raised further concerns on Monday, with volume declining as much as 37%.
Investors are moving away from equities towards fixed income securities, whose yields have recently risen. And the outflow rate from equities could be higher in the days ahead as fund managers await the decision of the two-day policy meeting early next week, which is likely to be hawkish as the central bank considers measures. restrictive measures to tame the cost of living crisis. in Africa's largest economy.
This will set the tone for the capital market for the next two months or more. Profit taking on shares in energy company Seplat triggered the slide.
"We expect the local stock market to remain in a lull ahead of the next MPC meeting scheduled for September 26-27," United Capital analysts said in a forward-looking note for this week seen by PREMIUM TIMES.
"We recommend that investors and fund managers continue to select stocks with strong underlying fundamentals in a generally bearish market environment."
The all-stock index fell 35.2 points, falling to 49,440.2, while the market capitalization fell to 26,700 billion naira.
Year-to-date, the index has risen 15.7%.
TOP FIVE WINNERS
ETranzact appreciated 9.97% to N3.20. Vitafoam added 5% to end the trade at N21. Honeywell Flour rose 3.36% to 2.46 N. Cornerstone rose to N0.62, up 3.33%. International Breweries rounded out the top 5, climbing 3.12% to 4.95 naira.
READ ALSO: Nigerian stocks enter third day of flat trading as volume plunges 46% TOP FIVE LOSERSAcademy Press fell 16.36% to close at 1.84 naira. ABC Transport fell 10% to end trading at N0.27. UPL fell to N1.63, losing 9.44%. Mutual benefits fell to N0.27, registering a depreciation of 6.90%. RT Briscoe closed at N0.30, down 6.25%.
TOP FIVE OCCUPATIONSA total of 67.4 million shares valued at N1.5 billion naira were traded today in 3,386 transactions.
FBN Holdings was the most active stock with 9.7 million of its shares worth N96.6 million traded in 185 deals. Zenith saw 9.3 million units of its shares, priced at N182.4 million, exchange hands in 374 transactions. GTCO had 6.1 million shares valued at N120.4 million traded in 321 transactions. Mutual Benefits traded 4.5 million shares valued at N1.2 million in 20 transactions. Sovereign Trust traded 3 million shares worth N797.7 thousand in 4 transactions.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
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Nigerian stocks fell for the fourth consecutive trading day on Monday, as the main stock market index contracted 0.07%.
The NGX 30, the index that tracks the combined progress of the top 30 companies in terms of market value and liquidity, lost 0.09%, approaching a few points from its lowest level since the beginning of the month. year.
Trading was subdued for days, but the level of activity raised further concerns on Monday, with volume declining as much as 37%.
Investors are moving away from equities towards fixed income securities, whose yields have recently risen. And the outflow rate from equities could be higher in the days ahead as fund managers await the decision of the two-day policy meeting early next week, which is likely to be hawkish as the central bank considers measures. restrictive measures to tame the cost of living crisis. in Africa's largest economy.
This will set the tone for the capital market for the next two months or more. Profit taking on shares in energy company Seplat triggered the slide.
"We expect the local stock market to remain in a lull ahead of the next MPC meeting scheduled for September 26-27," United Capital analysts said in a forward-looking note for this week seen by PREMIUM TIMES.
"We recommend that investors and fund managers continue to select stocks with strong underlying fundamentals in a generally bearish market environment."
The all-stock index fell 35.2 points, falling to 49,440.2, while the market capitalization fell to 26,700 billion naira.
Year-to-date, the index has risen 15.7%.
TOP FIVE WINNERS
ETranzact appreciated 9.97% to N3.20. Vitafoam added 5% to end the trade at N21. Honeywell Flour rose 3.36% to 2.46 N. Cornerstone rose to N0.62, up 3.33%. International Breweries rounded out the top 5, climbing 3.12% to 4.95 naira.
READ ALSO: Nigerian stocks enter third day of flat trading as volume plunges 46% TOP FIVE LOSERSAcademy Press fell 16.36% to close at 1.84 naira. ABC Transport fell 10% to end trading at N0.27. UPL fell to N1.63, losing 9.44%. Mutual benefits fell to N0.27, registering a depreciation of 6.90%. RT Briscoe closed at N0.30, down 6.25%.
TOP FIVE OCCUPATIONSA total of 67.4 million shares valued at N1.5 billion naira were traded today in 3,386 transactions.
FBN Holdings was the most active stock with 9.7 million of its shares worth N96.6 million traded in 185 deals. Zenith saw 9.3 million units of its shares, priced at N182.4 million, exchange hands in 374 transactions. GTCO had 6.1 million shares valued at N120.4 million traded in 321 transactions. Mutual Benefits traded 4.5 million shares valued at N1.2 million in 20 transactions. Sovereign Trust traded 3 million shares worth N797.7 thousand in 4 transactions.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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