NGX Declines Further By N84.38bn

Samuel Mobolaji

The equities market of the Nigerian Exchange Limited (NGX) further extended its bearish trends, as the market capitalization lost N84.38 billion to close at N29.44 trillion.

Also, the NGX All-Share Index (ASI), extended losses by 0.29 per cent to settle at 54,035.39 points, as the index continued to dominate the domestic bourse.

The market’s weak performance was driven primarily by continued selloffs in ZENITHBANK (-2.52%), GTCO (-3.15%) and, WAPCO (-0.77%).

Consequently, the ASI’s year-to-date (YTD) return fell to 5.43 per cent.

Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 28.82 per cent. A total of 296.74 million units of shares valued at N3.07billion were exchanged in 4,590 deals.

FIDELITYBK (-0.37%) led the volume chart with 46.59million units traded, while ZENITHBANK (-2.52%) led the value chart in deals worth N373.78million.

Market breadth closed negative at a 1.73-to-1 ratio with declining issues outnumbering advancing ones.

ETERNA (-8.94%) topped eighteen (18) others on the laggard’s log, while NAHCO (+9.55%) led ten (10) others on the leader’s table.