Equities Market Ends Winning Streak as Investors Lose N24.51bn
NGX
Samuel Mobolaji
The Nigerian Exchange (NGX) on Wednesday ended its three-day winning streak, with equities investors losing N24.51 billion at the close of the mid-week trading activities.
Specifically, the benchmark index shed 0.04 per cent to close at 100,032.32 points, bringing the year-to-date return down to 33.78 per cent.
Also, the market capitalisation dropped by N24.51 billion to close at N56.55 trillion, which was due to the market’s weak performance primarily driven by selloffs in major stocks.
For instance, there was a selloff in stocks such as; MTN Nigeria (-3.40 per cent), Guaranty Trust Holding Company (-0.22 per cent), and Dangote Sugar Refinery (-1.44 per cent).
Market activity analysis revealed that these losses overshadowed gains in First Bank of Nigeria Holdings (+3.94 per cent), United Bank for Africa (+3.70 per cent), and Access Holdings (+0.52 per cent).
However, there was a higher trade turnover compared to the previous session, with the value of transactions increasing by 35.71 per cent.
Consequently, a total of 1.10 million shares worth N10.08 billion were traded in 8,720 deals. JAIZ Bank led the volume chart with 528.49 million units traded, while Zenith Bank led the value chart with deals worth N3.11 billion.
The market breadth closed positive at a 2.15-to-1 ratio, with advancing issues outnumbering declining ones. United Capital (+10.00 per cent) topped the gainers’ list among twenty-seven other advancing stocks, while RT Briscoe (-5.71 per cent) led twelve other laggards.
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