NGX Market Cap Plunges by N188.47bn as Losing Streak Continues

Samuel Mobolaji

The Nigerian Exchange (NGX) saw its market capitalization drop significantly by N188.47 billion, closing at N56.27 trillion, as the All-Share Index declined by 33 basis points (bps) to settle at 99,468.90 points. This marks the sixth consecutive session of losses for the NGX.

Bearish sentiment in SEPLAT (-8.30 per cent), ACCESSCORP (-1.04 per cent), and TRANSCORP (-3.63 per cent) drove the market’s weak performance, overshadowing gains in AIRTELAFRI (+0.14 per cent), GTCO (+0.22 per cent), and ZENITHBANK (+0.13 per cent).

Having experienced losses in four trading sessions this week, the market is on track for another week of decline. Consequently, the year-to-date (YTD) return fell to 33.03 per cent.

Yesterday’s market activity analysis revealed a significant decline in trade turnover compared to the previous session, with the transaction value down by 53.99 per cent.

A total of 269.73 million shares valued at N5.45 billion were exchanged in 7,126 deals. FIDELITYBK (-0.48 per cent) led the volume chart with 46.78 million units traded, while SEPLAT (-8.30 per cent) led the value chart with deals worth N1.15 billion.

Market breadth closed positive with a 1.24-to-1 ratio, as advancing issues outnumbered declining ones. LINKASSURE (+9.80 per cent) topped twenty other gainers, while IKEJAHOTEL (-9.29 per cent) led sixteen laggards.