The Nigerian Exchange Limited, NGX, experienced a significant downturn in the stock market on Thursday, resulting in a loss of N252 billion in market capitalization. This drop brought the total market capitalization to N58.653 trillion, down from N58.905 trillion the previous day, marking a 0.43 per cent decrease. The All-Share Index also fell by 445.24 points or 0.43 per cent, closing at 103,736.08 points compared to 104,181.32 points on Wednesday.
The decline in the market was driven by bearish sentiment affecting key stocks such as MTN Nigeria, Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Corporation, Transcorp, and United Capital Plc. This led to a negative market breadth, with 26 losers and 23 gainers.
On the losers’ side, C&I Leasing Plc led with a 9.79 per cent decrease, followed by Mutual Benefits Assurance with an 8.57 per cent drop. Tantalizers, Unity Bank, and Jaiz Bank also experienced significant losses. However, Morison Industries Plc, SCOA Nigeria Plc, International Energy Insurance, NEM Insurance, and The Initiative Plc were among the gainers, with notable increases in their share prices.
Despite the overall downturn, trade turnover saw an increase compared to the previous session, with the value of transactions up by 75.57 per cent. A total of 487.73 million shares valued at N15.64 billion were exchanged in 8,908 deals. Zenith Bank led the activity chart in both volume and value, followed by GTCO, UBA, Access Corporation, and Transcorp.
The market’s Year-To-Date (YTD) return now stands at 38.73 per cent, reflecting the challenging conditions faced by investors in the current market environment. As the NGX continues to navigate these fluctuations, investors are advised to exercise caution and stay informed about market developments.
