Nigerian Exchange Recovers Over N3bn To Break Loss Cycle
With N3.2 billion gain on Tuesday, the Nigerian Exchange broke the cycle of four consecutive losses to close market capitalisation at total N26.67trillion.
The All-Share Index also edged up +0.01 percent to close at 49, 445.31 basis points driven by modest gains in the shares of First Bank Holdings, FBNH, (+5.0 per cent) and Zenith Bank Plc (+0.25 per cent).
The market capitalisation which measures total valuation of equities listed on the Exchange had declined by ₦18.99bn on Monday to close at ₦26.67trillion while All Share Index shed 0.07 percent to 49,440.21 points following heavy losses recorded by oil major, Seplat. It was the lowest point since 24 August.
Even with the tilt towards modest recovery, activities on the Lagos bourse was marked by significant selloffs in market heavyweight MTNN (-0.05 per cent ) as well as Tier-one GTCO (-0.51per cent).
Conversely, there was increased demand in FBNH (+5.00 per cent) and ZENITH BANK (+0.25 per cent ), making up for the losses by MTNN and GTCO. Consequently, market year-to-date (YTD) return settled at 15.75 percent.
Analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 61.72 percent.
A total of 147.59million shares valued at ₦2.39bn were exchanged in 3,323 deals. GTCO led the volume chart with 35.82million units traded, while MTNN led the value chart in deals worth ₦860.43million.
Market breadth closed negative as more stocks recorded losses than those which appreciated in prices.
Leading 12 market laggards, share price of TOTAL Plc declined -9.98 per cent while RTBRISCOE gained maximum +10.00 per cent to top nine others gainers on the table.
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