Trading activities on NGX drop 0.33% after holiday

Resuming from the Oct. 1 Independence Day holiday, trading activities on the Nigerian Exchange Ltd. (NGX) declined by 0.33 percent on Wednesday, driven by sell-offs in MTN Nigeria and Tier-one banks.

Specifically, the NGX market capitalisation, which opened at N56.635 trillion, lost N187 billion, or 0.33 percent, to close at N56.448 trillion.

The All-Share Index also shed 0.33 percent, or 327 points, to close at 98,232.39, against 98,558.79 reported on Monday.

Consequently, the All-Share Index Year-To-Date return fell by 331.3 per cent.

Losses in MTN Nigeria, Guaranty Trust Holding Company(GTCO), FBN Holdings, Access Corporation, Dangote Sugar, Transnational Corporation, among other declined equities were the primary drivers of the market’s downturn.

Analysis of the market activities showed trade turnover settled lower, relative to the previous session, with the value of transactions down by 92.43 percent.

A total of 425.76 million shares valued at N8.45 billion were exchanged by investors in 11,954 deals, in contrast to 1.86 billion shares valued at N111.58 billion being exchanged in 10,583 deals posted previously.

Market breadth also closed negative with 32 losers and 26 gainers.

On the losers’ chart, Ellah Lakes led by 9.93 percent to close at N3.99 per share, while International Breweries led the gainers’ chart by 9.98 percent to close at N4.41 per share.

Meanwhile, the United Bank for Africa (UBA) led the activity chart in volume and value with 108.02 million shares worth N3.01 billion.