NGX Suffers Losses as Market Capitalization Plummets by N176 Billion
The Nigerian Exchange Limited (NGX) recorded a bearish trend on Wednesday, with the market capitalization plummeting by N176 billion or 0.32 percent. This marked the end of three consecutive days of gains. The market capitalization, which opened at N55.437 trillion, closed at N55.261 trillion, a decline of 0.32 percent.
The All-Share Index (ASI) also declined, losing 307 points to close at 96,203.65, a decrease of 0.32 percent from the previous day’s close of 96,510.13. As a result, the Year-To-Date (YTD) return decreased by 28.66 percent.
The market’s weak performance was attributed to selloffs in MTN Nigeria, FBN Holdings, Access Corporation, and Wema Bank, among other equities. The market breadth closed positive, with 35 gainers and 14 losers recorded on the floor of the Exchange.
Notable gainers on the day included Medical Gases, which rose by 10 percent to close at N26.40, and Chams, which gained 9.95 percent to close at N2.32 per share. Oando, Livestock Feed Plc, and Eterna Plc also posted significant gains, with their stocks advancing by 9.94 percent, 9.91 percent, and 9.84 percent, respectively.
On the other hand, Neimeth International Pharmaceuticals led the losers’ table, dropping 9.09 percent to close at N2, while Tantalizers trailed by 8.64 percent to close at 74k per share. MTN Nigeria, Thomas Wyatt, and Jaiz Bank also posted significant losses, with their stocks declining by 7.91 percent, 7.06 percent, and 6.25 percent, respectively.
Trade turnover was lower relative to the previous session, with the value of transactions decreasing by 19.59 percent. A total of 446.61 million shares valued at N4.53 billion were exchanged in 10,148 deals, compared to 443.16 million shares valued at N5.64 billion traded in 8,493 deals posted previously.
In terms of activity, Universal led the way, with 52.60 million shares valued at N18.78 million traded, while Japaul Gold followed, with 51.80 million shares worth N145.32 million. Prestige sold 35.82 million shares valued at N19.53 million, while Tantalizers traded 35.14 million shares worth N28.22 million, and Chams transacted 28.73 million shares worth N65.52 million.
