NGX Extends Woes As Market Cap Shed N50.15bn

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday further extended its losing streak, as market capitalisation shed N50.15billion, due to selling pressures in BUAFOODS, SEPLAT and STANBIC were the primary drivers of the drag on the overall market’s performance.

Specifically, at the close of yesterday’s trading session, the market capitalisation closed at N23.83trillion, compared to the N23.88trillion recorded on the first trading of the week.

Also,the benchmark index All-Share Index (ASI) declined by 0.21 per cent to close at 43,745.73 points, its lowest point since 6 January.

Consequently, the year-to-date (YTD) return dipped to 2.41 per cent, while trade turnover settled higher relative to the previous session, with the value of transactions up by 15.68 per cent.

A total of 172.87million shares valued at N4.01billion were exchanged in 4,110 deals.

ACCESSCORP (+1.28%) led the volume chart with 24.68m units traded while SEPLAT (-8.33%) led the value chart in deals worth N2.53billion.

Market breadth closed negative at a 1.29-to-1 ratio with declining issues outnumbering advancing ones.