The Nigerian Exchange Limited (NGX) stock market continued to decline, resulting in a N615 billion decline in overall market capitalization, dropping below N26 trillion. The market capitalization specifically decreased by N615 billion to close at N26.618 trillion from N27.233 trillion when trading began.
This caused the NGX All Share Index (ASI) to fall by 1,139.02 basis points, or 2.26 per cent, to close at 49,350.71 basis points, down from 50,489.73 basis points when the stock market started to trade. Losses in medium and big capitalized firms, including Dangote Cement, which fell by 9.1%, and MTN Nigeria Communications, which fell by 4.3%, all contributed to the decline.
Market breadth, which is measured by market sentiment was negative, as 12 stocks gained relative to 16 losers. NEM Insurance and Prestige Assurance recorded the highest price gain of 10 per cent each to close at N3.74 and 44 kobos respectively, while Ellah Lakes followed with a gain of 9.78 per cent to close at N3.93, per share.
Ikeja Hotel increased by 9.28% to end at N1.06 a share, while Multiverse Mining & Exploration rose by 9.57% to conclude at N2.06.
Cornerstone Insurance, on the other hand, topped the losers’ table by 9.33% to settle at 68 kobos per share.
After that, Dangote Cement fell by 9.06% to conclude at N241.00, and Japaul Gold and Ventures fell by 8.11% to close at 34 kobos per share. While Stanbic IBTC Holdings dropped 6.45 per cent to settle at N29.00 per share, Sovereign Trust Insurance lost 7.41 per cent to close at 25 kobos.
Additionally, the overall volume traded fell by 32.14 per cent to 140.610 million units, worth N1.600 billion, and exchanged in 3,895 deals. Transactions in the shares of Japaul Gold and Ventures topped the activity chart with 23.180 million shares valued at N8.951 million.
AIICO Insurance followed with 14.849 million shares worth N8.449 million, while Sterling Bank traded 14.302 million shares valued at N21.411 million.
Sovereign Trust Insurance traded 10.111 million shares valued at N2.579 million, while Guaranty Trust Holding Company (GTCO) transacted 7.850 million shares worth N160.969 million.
United Capital Plc said, “we maintain that the local bourse will remain broadly bearish as higher interest rates, depressed exchange rate and political camaraderie weigh on investor sentiments in the medium term.”
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