Market Cap Drops N26.75trn As Loss Persists On NGX
Bearish sentiment persisted on the Nigerian Exchange Limited (NGX) on Wednesday as investors lost N24.38 billion following further drop of the market capitalisation to N26.75 trillion for the third straight loss in week.
The All-Share Index also moderated by 0.09 per cent to close at 49,544.73 basis points.
As bears maintained it grip on the domestic bourse market, the year-to-date gain of the ASI dipped to 16.11 per cent despite the market breadth closing flat with 16 losers and 16 gainers apiece.
FCMB Group was among the notable stocks that printed loss at the close of Wednesday’s trading session. The company shed 0.28k to close at N3.21. Sterling Bank lost 0.06k to close at N1.48, and Nigerian Aviation Handling Company dropped 0.16k to N5.53.
Sectoral performance across the sub-sector tracked was bearish with three of the five indices tracked closing in the red zone.
The oil and gas index saw the highest drop by 0.32 per cent to close at 531.88 basis points. The banking index followed, declining by 0.30 per cent to close at 379.47 basis points and the insurance index which also moderated by 0.03 per cent to close at 180.50 basis points.
On the positive side, the consumer goods index increased by 0.10 per cent to close at 608.23 basis points, while the industrial index closed flat.
Market activity was weak as the total value of stocks traded declined 38.79 per cent to N1.67 billion, even as the volume of stocks exchanged also decreased 7.23 per cent to 128.94 million units.
Chams topped the losers’ table, declining by 10 per cent to close at 0.27k while PZ Cussons Nigeria topped the gainers’ table with 9.76 per cent to close at N9.
Again, Sterling Bank’s shares topped as the highest trade stock in terms of volume of 26.85 million units even at MTN Nigeria maintained topped traded stock in value at N495.497 million.
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