NGX Bears Take Over, Market Capitalisation Drops by N79 Billion
The Nigerian Exchange Ltd. (NGX) witnessed a bearish trend on Tuesday, as the market capitalisation lost N79 billion in trading activities. The market capitalisation, which measures the value of all listed equities, opened at N35.01 trillion and closed at N34.932 trillion, representing a 0.23 per cent decline.
Similarly, the NGX All-Share Index (ASI), which tracks the performance of all listed stocks, decreased by 145.32 points or 0.23 per cent to close at 64,192.20 from 64,337.52 recorded on Monday. The NGX ASI year-to-date return stood at 25.25 per cent.
A breakdown of the price movement shows that John Holt led the losers’ chart with 10 per cent to close at N1.80 per share. Ellah Lakes followed with 9.88 per cent to close at N4.19 per share.
Fidelity Bank dropped by 9.84 per cent to close at N2.29 per share. Japaul Gold lost 9.76 per cent to close at N0.37 per share. Sovereign Trust Insurance shed 9.09 per cent to close at N0.30 per share.
On the other hand, Dangote Cement and Abbey Mortgage Bank topped the gainers’ table appreciating by 10 per cent each to close at N28.70 and N1.10 per share, respectively. Other gainers include Royal Exchange, Mutual Benefits Assurance, and Chams.
The total volume of trades increased by 4.67 per cent to 1.18 billion units valued at N6.39 billion exchanged in 3,342 deals. Transactions in the shares of FBN Holdings topped the activity chart with 364 million shares valued at N2.77 billion. Zenith Bank followed with 93 million shares worth N2.31 billion, while Access Bank traded 92 million shares valued at N837 million.
The NGX market sentiment, as measured by market breadth, was negative as 17 stocks gained while 24 declined.
The NGX is the second-largest exchange in Africa by market capitalisation and one of the fastest-growing in the world. It offers a range of products and services for investors, issuers, and intermediaries. The NGX aims to be Africa’s preferred exchange hub.
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