The NGX All-Share Index continued its downward trajectory in the most recent trading session, dropping 445.24 points to conclude at 103,736.08 points.
Compared to the previous closing of 104,181.32 points, this was a decline. Simultaneously, the overall market capitalization had a significant decline of N251.74 billion, culminating at N58.653 trillion, a 0.43% decrease from the previous value of N59.905 trillion.
The market decline, which has persisted for the third day in a row since the beginning of April, is ascribed to investor anxiety over the central bank’s mandates for recapitalization.
The day’s losses were mostly caused by a decline in the share price of MTNN and the underwhelming performance of important financial institutions in the SWOOT sector.
Leading the pack of 23 gainers, MORISON’s stock price soared by 9.84%, whereas CILEASING experienced a notable decline, with its shares plummeting by 9.79% among the 26 losers.
ZENITHBANK emerged as the session’s most traded stock in volume and dominated in value traded. Meanwhile, the market’s transaction volume contracted to 8,908 deals, a noticeable decrease from the 10,364 transactions tallied in the last session.
Market Indices
NGX All-Share Index: 103,736.08 points
Previous ASI: 104,181.32 points
% Day Change: -0.43%
Day’s Lowest: 103,736.08 points
Day’s Highest: 104,181.32 points
% YTD: +39.73% (Previous: +39.33%)
Market Cap: N58.653 trillion
Volume Traded: 487.728 million units
Value: N15.640 billion
Deals: 8,908
Top Gainers
MORISON: +9.84% to close at N2.12
SCOA: +9.77% to close at N2.36
INTENEGINS: +9.72% to close at N1.58
NEM: +9.50% to close at N9.80
TIP: +8.70% to close at N2.50
Top Losers
CILEASING: -9.79% to close at N3.50
MBENEFIT: -8.57% to close at N0.64
TANTALIZER: -7.89% to close at N0.35
UNITYBNK: -7.39% to close at N2.13
JAIZBANK: -7.23% to close at N2.18
Top Traded Stocks
During the most recent trading session, the market encountered an odd scenario in which overall trading activity decreased, yet the volume of shares exchanged increased significantly—by 82.7 million shares. The total traded volume increased to 487.73 million units, a 20.42% increase, from 405.03 million shares in the previous session.
With an astounding 161.68 million units traded, ZENITHBANK led the way in trading volume, followed by GTCO with 54.36 million units. Notable results were also observed in TRANSCORP (28.35 million units), ACCESSCORP (40.88 million units), and UBA (47.82 million units).
In terms of the value of stocks traded, there was an impressive increase of 75.57%, which equates to an addition of N6.73 billion, culminating in a total trading value of N15.64 billion for the session.
This was a significant increase from the N8.91 billion recorded in the previous session. ZENITHBANK again led the pack with trades worth N7.03 billion, GTCO followed with N2.73 billion, and other noteworthy trades were made by UBA at N1.30 billion, ACCESSCORP at N950.44 million, and TRANSPOWER at N449.57 million.
Today’s financial update revealed a downturn in the SWOOT group’s earnings, with significant share price declines within its banking division. Specifically, GTCO, FBN Holdings, and ZENITHBANK experienced drops of 6.49%, 3.32%, and 1.93%, respectively. Additionally, telecommunications leader MTNN saw a 1.29% decrease in market value.
In contrast, several companies demonstrated market stability, maintaining their share prices amidst fluctuations. These include AIRTELAFRI, BUACEMENT, BUAFOODS, DANGCEM, GEREGU, SEPLAT, TRANSCOHOT, and TRANSPOWER.
Concluding the day, the Nigerian stock market ended on a downturn, attributed to the faltering performance of prominent banking institutions. GTCO, ACCESS HOLDINGS, UBA, FBNH, and ZENITH BANK were among those reporting losses, with their share prices falling by 6.49%, 3.97%, 3.64%, 3.32%, and 1.93%, respectively.
