NGX shed N183 billion amid sell offs in MTN, First Bank, Zenith, other stocks
The stock market closed on Wednesday negative as the market capitalisation decreased by N183 billion to N28.451 trillion from N28.634 trillion.
The All Share Index (ASI) also declined by 0.64 per cent to 52,775.40 points from 53,114.65 points recorded on Tuesday.
The decline was attributed to sell offs in MTN Nigeria stocks, and some Tier-1 bank stocks; First Bank of Nigeria Holdings (FBNH), Zenith Bank and Union Bank.
Consequently, the year-to-date (YTD) return fell to 23.55 per cent.
Market breadth closed negative as 26 stocks were on the laggard’s log while 11 on the leaders table.
Breakdown of the price movement chart shows that Tripple G recorded the highest gain to lead the gainers’ chart with 9.20 per cent to close at 95k per share.
LearnAfrica trailed with 5.49 per cent to close at N2.50 while Unity Bank rose by 2.13 per cent to close at 48k per share.
AIICO also rose by 1.56 per cent to close at 65k while Livestock inched up by 1.33 per cent to close at N1.52 per share.
On the other hand, Meyer led the losers’ chart, dropping by 10 per cent to close at N2.79 per share.
Linkage Assurance dropped by 8.93 per cent to close at 51k, while Union Bank Insurance dipped by 7.69 per cent to close at N6 per share.
International Breweries lost by 6.12 per cent to close at N6.90 while FBNH dipped by 5.71 per cent to close at N9.90 per share.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 23.76 per cent.
A total of 188.1billion units of shares valued at N2.36bn were exchanged in 4,890 deals.
UBA was the toast of investors, accounting for 36.42 million shares valued at N278.56 billion.
Guaranty Trust Holding Company (GTCo) came second with 24.39 million shares worth N531.3 million, while FBNH sold 17.62 million shares valued at N175.82 million.
Sterling Bank accounted for 14.28 million shares worth N21.91 million, while Zenith Bank transacted 12.84 million shares valued at N286.83 million.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
International investor hails Nigeria’s mining sector reforms
Glencore, a Swiss multinational commodity trading and mining company, has lauded the federal government over its reforms in the mining sector.
Education
Tinubu’s Student Loan: NELFUND warns students against fake websites
NELFUND has urged students to exercise caution and verify the legitimacy of any Website or service claiming to represent the organisation.
NationWide
Tinubu govt urged to end drug, human trafficking
AKH-TRACADA made the call in a statement on Friday.
Abuja
APBPI begins campaign to shape Abuja students’ behaviours
APBPI organised the campaign in collaboration with the FCT Secondary Education Board.
Faith
Kalu, NUJ mourn Senator Ayogu Eze’s death
The Enugu council of the Nigeria Union of Journalists (NUJ) has expressed shock over the death of Ayogu Eze.
Anti-Corruption
Nigeria’s aviation regulators corrupt, falsify airlines’ safety reports, approve shaky aircraft to fly: Keyamo
“Most of them don’t fly those airlines…they will tell their relatives ‘don’t fly that airline’ because they know the health status of those airlines,” Mr Keyamo