Investors lose N36bn as NGX closes bearish
The downturn was primarily driven by losses in key stocks, including Zenith Bank, Access Corporation, FBN Holdings and Aradel Holdings.
The equity market closed on a negative note on Thursday, as the market capitalisation dropped by N36 billion or 0.06 per cent.
Specifically, the market capitalisation closed at N59.476 trillion compared to the opening value of N59.512 trillion.
Similarly, the All-Share Index (ASI) declined by 61 points or 0.06 per cent, ending the day at 98,114.11, down from 98,174.99 recorded on Wednesday.
Consequently, the Year-to-Date (YTD) return fell to 31.21 per cent.
The downturn was primarily driven by losses in key stocks, including Zenith Bank, Access Corporation, FBN Holdings and Aradel Holdings.
Market breadth, in spite of the overall bearish trend, closed positive with 35 gainers outperforming 16 losers on the floor of the Exchange.
Cornerstone Insurance and UPL led the gainers’ table by 10 per cent each to close at N3.30 and N3.36 per share respectively,while Red Star Express Ltd. led the losers’ table by 10 per cent to close at N4.41 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 35.58 per cent.
A total of 723 million shares valued at N12.84 billion were exchanged in 8,495 deals, compared with 521.92 million shares valued at N19.93 billion traded in 9,420 deals posted in the previous session.
Champion Breweries led the activity chart in volume with 300.93 million shares, while Guaranty Trust Holding Company (GTCO) led the chart in value of deals worth N2.12 billion.