NGX starts the month of June losing N8.7 billion in market capitalization

The Nigerian exchange has posted losses in three consecutive trading sessions, as profit-taking continues in the space. Declines from OKOMUOIL, CONOIL and FBNH saw the market capitalization losing N8.7 billion.

The All-share Index (ASI) depreciated by 0.03% from 52,990.28 basis points to close at 52,974.15 basis points. In the same vein, the market capitalization also lost 0.03% to close at N28.55 trillion. Year-to-Date (YtD), the NGX is still one of the top-performing markets in the world as it has gained 24.01% so far.

Market breadth closed negative as ETERNA led 14 gainers, and 20 Losers topped by OKOMUOIL at the end of today’s session. On a sectoral level, 3 of the 5 major indices of the Nigerian Exchange closed negative. NGX Banking, Oil and Gas and Insurance Indices lost 0.30%, 0.20% and 0.49%. The NGX Consumer Goods sector closed positive by 0.09%, while the NGX Industrial sector closed flat.

NGX Top ASI gainers   

  • ETERNA up +9.90% to close at N7.44
  • FTNCOCOA up +9.38% to close at N0.35
  • NAHCO up +8.57% to close at N7.22
  • IKEJAHOTEL up +7.83% to close at N1.24
  • TRANSCORP up +4.00% to close at N1.30

NGX Top ASI losers

  • OKOMUOIL down – 10.00% to close at N193.50
  • NCR down – 9.77% to close at N3.60
  • CONOIL down – 8.35% to close at N29.10
  • NEIMETH down – 7.19% to close at N1.55
  • FIDELITYBK down – 4.71% to close at N3.24

Top 3 by Volume  

  • TRANSCORP – 121,837,002
  • GTCO – 20,123,537
  • CONOIL – 16,954,814

Top 3 by Value 

  • AIRTELAFRI – N573,233,971.30
  • CONOIL – N493,419,788.60
  • GTCO – N454,746,029.30

OKOMUOIL, CONOIL and FBNH weighed on the market but the market was helped by the gains seen in BUAFOODS.

However, the gains seen in one of the SWOOTs was not enough to stem the bleeding caused by intense profit-taking. There is a concern that the interest rate hike may just be coming into effect as investors have gone back to the drawing board to analyse the impact of the policy decision by the CBN.

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