NGX Ends Winning Streak as Investors Lose N176.05bn Amid MTNN Sell-off
NGX
Samuel Mobolaji
The Nigerian Exchange (NGX) All-Share Index fell by 0.32 per cent, erasing three days of consecutive gains and leading to a market capitalization loss of N176.05 billion, closing at N55.26 trillion.
This downturn was driven by selloffs in key stocks such as MTNN, which dropped 7.91 per cent, FBN Holdings (FBNH), down 0.44 per cent, and Access Corporation (ACCESSCORP), which fell by 0.78 per cent.
Despite gains in some banking sector stocks, the overall market sentiment was weighed down by the declines, resulting in a year-to-date (YTD) return of 28.66 per cent.
Specifically, these losses overshadowed gains recorded by Guaranty Trust Holding Company (GTCO), Zenith Bank (ZENITHBANK), and United Bank for Africa (UBA), which rose by 0.33 per cent, 1.05 per cent, and 0.89 per cent, respectively.
As a result, the year-to-date (YTD) return moderated to 28.66 per cent, while the market capitalization lost N176.05 billion, closing at N55.26 trillion.
A detailed analysis of market activities revealed a decrease in trade turnover compared to the previous session, with the value of transactions dropping by 19.59 per cent.
The day recorded a total of 446.61 million shares traded, valued at N4.53 billion across 10,148 deals. Universal Insurance (UNIVINSURE) led the volume chart, trading 52.60 million units, while Oando (OANDO) led the value charts with deals amounting to N620.60 million, appreciating by 9.94 per cent.
Market breadth remained positive, with a ratio of 2.36-to-1 as thirty-three stocks advanced compared to fourteen decliners. International Breweries (IMG) led the gainers with a 10 per cent increase, while Neimeth International Pharmaceuticals (NEMETH) topped the losers’ chart with a 9.09 per cent decline.
The mid-week’s market activity reflects mixed investor sentiments, with cautious optimism as some stocks performed well, while others faced significant sell-offs.
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