In a recent development, the Nigerian Exchange Ltd., NGX, witnessed a significant drop in market capitalization, amounting to N51 billion. The market capitalization started at N55.861 trillion and concluded at N55.810 trillion, marking a 0.09% decline. Concurrently, the All-Share Index plummeted by 0.09% or 93 points, settling at 101,995.53, compared to Friday’s 102,088.30.
The Year-To-Date (YTD) return stood at 36.41%, signaling a downturn attributed to the selloffs in prominent stocks of Tier-one banks like FBN Holdings, United Bank for Africa (UBA), Zenith Bank, and Dangote Cement. Trading data indicated that 294.32 million shares valued at N6.72 billion were traded in 9,957 deals, displaying an increase from the previous session in both volume and value.
On the downside, Nestle Nigeria Plc led the losers’ pack with a 10% decrease, closing at N990 per share. Eterna Plc followed with a 9.97% drop, settling at N15.80 per share, while FIDSON Healthcare Plc, CWG Plc, and Sunu Assurances recorded declines ranging from 9.09% to 9.82%.
Conversely, National Salt Company of Nigeria (NASCON) emerged as the top gainer, escalating by 10% to close at N66. Juli Plc and FBN Holdings were also among the gainers, rising by 9.83% and 9.68%, respectively. Furthermore, notable activities were observed in FBN Holdings, United Bank of Africa (UBA), and Zenith Bank in terms of volume and value.
The market breadth concluded positively with 28 gainers and 26 losers in the trading session, showcasing a mixed sentiment among investors. Investors continue to monitor the market dynamics closely for potential opportunities amidst the fluctuations in the equity market landscape.
Overall, despite the recent downturn, market participants remain vigilant and poised to navigate the challenges and opportunities presented in the Nigerian equity market.
NAN
