The Nigerian Exchange Ltd. (NGX) stock market finished flat on Monday due to sell-offs in Dangote Sugar and 19 other stocks, resulting in a N2 billion decrease in capitalization.
Notably, the market capitalization dropped by N2 billion to settle at N55.552 trillion from its opening value of N55.554 trillion. Thus, the All-Share Index dropped five points as well, ending at 98,223.97 as opposed to Tuesday’s closing price of 98,228.50.
Consequently, the Year-To-Date (YTD) return decreased to 31.36%. The market was negatively impacted by sell-offs in declining shares, including Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Corporation, PZ Cussons Nigeria, International Breweries, and Dangote Sugar.
Also, the market breadth closed negative with 20 losers and 14 gainers. On the losers’ table, PZ led by 10 per cent to close at N34.20, International Breweries trailed closely by 9.89 per cent to close at N3.92 per share.
McNichols Plc lost 9.73 per cent to close at N1.02, Sterling Nigeria dropped 9.59 per cent to close at N4.43 and Linkage Assurance went down by 9.41 per cent to close at 77k per share.
Conversely, Okomu Oil led the gainers’ table by 9.98 per cent to close at N255.70, Tantalizers followed by 8.33 per cent to close at 39k and Cutix gained 5.26 per cent to close at three Naira per share. The Initiative Plc rose by 4.76 per cent to close at N2.20 and WAPIC advanced by 4.4 per cent to close at 71 kobo per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 9.94 per cent.
A total of 319.08 million shares valued at N9.18 billion were exchanged in 8,121 deals, compared to 425.66 million shares valued at N8.35 billion exchanged in 9,620 deals traded at the previous session.
Meanwhile, the United Bank of Africa(UBA) led the volume chart with 79.98 million shares valued at N2.07 billion, Transnational Corporation followed by 38.59 million shares worth N472.37 million.
Access Corporation sold 34.07 million shares valued at N594.52, GTCO 25.21 million shares worth N968.61 million, while Fidelity Bank transacted 12.62 million shares valued at N112.98 million.
