Bearish streak deepens as NGX registers N304 billion equity decline, FBN’s SWOOT exit

The NGX All-Share Index continued its downward trajectory at the start of the week, falling by 537.44 points to close at 101,777.12 points. This represents a 0.53% decrease from the previous closing figure of 102,314.56 points. Concurrently, the total market capitalization witnessed a substantial decline, shedding N304 billion to finish at N57.561 trillion, a fall from the preceding value of N57.865 trillion.

The Nigerian Stock Market recorded its seventh consecutive day of losses in April’s trading activities. The primary contributors to the day’s negative performance were the significant financial firms within the SWOOT sector and the reclassification of FBN Holdings out of the SWOOT category.

Amidst the downturn, UPDC emerged as a notable performer, with its share price climbing by 10%, in stark contrast to FIDELITYBK, which experienced a significant 10% decrease in its share value, leading the pack of 32 stocks that declined.

UBA claimed the title of the most traded stock by volume for the session, while MTNN dominated in terms of value traded. Overall, the market saw a downturn in transaction volume, concluding the day with 10,777 deals, which is a 13.72% decrease from the 12,491 transactions recorded in the previous session.

Market Indices

  • NGX All-Share Index: 101,777.12 points
  • Previous ASI: 102,314.56 points
  • % Day Change: -0.53%
  • Day’s Lowest: 101,744.88 points
  • Day’s Highest: 102,367.97 points
  • % YTD: +36.11% (Previous: +36.83%)
  • Market Cap: N57.561 trillion
  • Volume Traded: 326.639 million units
  • Value: N7.169 billion
  • Deals: 10,777

Top Gainers

  • UPDC: +10% to close at N1.43
  • MORISON: +9.77% to close at N2.81
  • NEM: +8.90% to close at N10.40
  • DAARCOMM: +7.69% to close at N0.70
  • OANDO: +6.77% to close at N13.40

Top Losers

  • FIDELITYBK: -10% to close at N9.00
  • JAIZBANK: -9.69% to close at N9.69
  • RTBRISCOE: -8.47% to close at N0.54
  • GTCO: -7.73% to close at N38.20
  • UNIVINSURE: -7.69% to close at N0.36

Top Traded Stocks

During the latest trading session, the market saw a significant slump, with trading volumes diving by over half to 55.50%. This resulted in 407.403 million fewer shares changing hands, culminating in a total traded volume of approximately 326.640 million shares, a stark contrast to the 734.043 million from the previous session.

UBA emerged as the volume leader with 42.25 million shares traded, followed by TRANSCORP at 27.56 million. Noteworthy volumes were also seen in ACCESSCORP with 24.62 million shares, OANDO with 22.66 million, and FIDELITYBK with 17.53 million.

The trading session’s value mirrored the volume’s decline, plummeting by 66.79%, which equates to a loss of N14.42 billion, closing the day at N7.169 billion. This figure represents a significant drop from the N21.585 billion recorded in the previous session.

Value-wise, MTNN topped the charts with trades worth N1.17 billion, closely followed by UBA at N1.11 billion. Other notable trades were made by DANGCEM at N572.12 million, ZENITHBANK at N559.71 million, and GTCO at N555.38 million.

SWOOT and FUGAZ Update

The latest financial update indicates a challenging period for the SWOOT group, marked by a decline in share prices within its banking division, particularly for GTCO and ZENITHBANK.

On the flip side, several companies demonstrated resilience in the face of market fluctuations, maintaining stable share values. These companies include AIRTELAFRI, BUACEMENT, BUAFOODS, DANGCEM, GEREGU, MTNN, SEPLAT, TRANSCOHOT, and TRANSPOWER.

The Nigerian stock market ended the day on a subdued note, primarily attributed to the underperformance of prominent banking firms. Notably, share values for GTCO, UBA, Access Holdings, ZENITH BANK, and FBN Holdings experienced declines of 7.73%, 4.94%, 3.89%, 3.37%, and 1.29%, in that order.

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