NGX Market Capitalization Falls N1.1trn On Sell-Offs

Stock Exchange Closes Trading Week With N30bn Gain

Tuesday’s trading on the Nigerian Exchange Lt. (NGX) closed with a decline in capitalization of N1.11 trillion. Notably, the market capitalization dropped by N1.11 trillion, or 1.93 percent, from its opening value of N57.560 trillion to N56.447 trillion at the closing.

In addition, the All-Share Index fell 1.93 percent, or 1,969 points, to end at 99,808.34, down from Monday’s closing value of 101,777.12. The year-to-date (YTD) return decreased to 33.48 percent as a result.

Selling in telecoms companies, such MTN Nigeria, and Tier-one banking equities, like Guaranty Trust Holding Company (GTCO), FBN Holdings, Access Corporation, and Zenith Bank, drove the market performance.

On the trading floor, there were seven winners and 27 losers as the market breadth closed negative. On the losers log, Cornerstone Insurance, Ellah Lakes, Fidelity Bank, Japaul Gold Group and Vitafoam Nigeria led in percentage terms of 10 each to close at N1.71, N3.15, N8.10, N1.80 and N18.90 per share, respectively.

Conversely, Morison Industries Plc led the gainers table by 9.96 per cent to close at N3.09, Thomaswy trailed by 8.63 per cent to close at N2.14 per share. Naira Skids as FX Turnover, External Reserve Decline

Universal Insurance also rose by 5.56 per cent to close at 38k, Omatek added 3.80 per cent to close at 82k, while Secure Electronic Technology Plc advanced by 3.45 per cent to close at 60k per share.

However, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 16.91 per cent.

A total of 403.89 million shares valued at N8.38 billion were exchanged in 10,170 deals, compared to 326.64 million shares valued at N7.17 billion exchanged in 10,777 deals.

Access Corporation led the activity chart with 62.93 million shares traded in value of N1.07 billion. GTCO followed by 47.38 million shares worth N1.74 billion to lead the chart in value. United Bank of Africa(UBA) sold 45.63 million shares valued at N1.10 billion, Zenith Bank transacted 41.36 million shares worth N1.50 billion and Fidelity Bank traded 23.14 million shares worth N189.36 million.

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