June 11, 2024

Investors on NGX lose N93bn


Bearish sentiment dominated the equity market on Tuesday, making investors lose N93 billion or 0.16 per cent.

Loses in MTN Nigeria, Transnational Corporation, Ecobank Transnational Incorporated(ETI), Royal Exchange, Oando Plc, among other declined stocks drove the market performance down.

Specifically, the Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N56.452 trillion, shed N93 billion or 0.16 per cent to close at N56.359 trillion.

The All-Share Index also went down by 0.16 or 163 points to settle at 99,630.51, in contrast to 99,793.71 recorded on Monday.

Consequently, the Year-To-Date (YTD) return fell to 33.24 per cent.

However, market breadth closed positive with 29 leaders and 19 laggards.

On the gainers’ chart, Total Energies led by N35.30 to close at N388.90, Presco Plc followed closely by N29.30 to close at N323.20 per share.

UPDC Real Estate Investment Trust gained 12k to close at N1.33, FTN Cocoa Processors added 11k to close at N1.25, while Chams rose by 16k to close at N1.85 per share.

Conversely, National Salt Company of Nigeria(NASCON) led the losers’ chart by N4.05 to close at N36.80, Thomas Wyatt declined by 17k to close at N1.59 per share.

May & Baker dropped 43k to close at N5.60, C&I Leasing Plc trailed by 20k to close at N2.80 and Consolidated Hallmark Holdings shed 6k to close at N1.38 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 22.62 per cent.

A total of 848.97 million shares valued at N16.55 billion were exchanged in 8,064 deals, as against 963.54 million shares valued at N13.50 billion exchanged in 8,657 deals traded in the previous session.

Fidelity Bank led the volume and value chart with 293.18 million shares worth N2.93 billion, followed by Nigerian Breweries with 101.58 million shares valued at N2.91 billion.

Zenith Bank sold 74.28 million shares valued at N2.57 billion, ETI traded 62.46 million shares worth N1.48 million.
Access Corporation also transacted 51.90 million shares valued at one billion Naira