The Nigerian Exchange Limited (NGX) experienced a decline of N35 billion in market capitalization on Wednesday. This drop was attributed to share value reductions in key stocks, including MTN Nigeria, Dangote Sugar, Lafarge Africa Plc, United Bank for Africa, and FBN Holdings.
Key Points:
- Market Performance: Both the All-Share Index and Market Capitalization depreciated by 0.09 percent, closing at 71,003.98 points and N39.047 trillion, respectively. This is compared to the previous figures of 71,066.64 points and N39.082 trillion.
- Market Breadth: Despite the decrease in capitalization, market breadth, indicating investor sentiment, remained positive with 36 gainers and 15 losers.
- Top Gainers: RT Briscoe, Daar Communications, and Unity Bank led the gainers with a 10 percent increase in share value. Other gainers included MeCure Industries, Multiverse, and Secure Electronic Technology Plc.
- Top Losers: C&I Leasing, Prestige Assurance, International Breweries Plc, UPDC Real Estate Investment Trust, and FBN Holdings recorded losses, with FBN Holdings shedding 4 percent of its market value.
- Sectoral Performance: The Banking and Insurance sectors posted marginal gains of 0.19 percent and 0.75 percent, respectively. However, the Consumer Goods and Industrial Goods sectors experienced losses of 0.19 percent and 0.08 percent, while the Oil/Gas index remained unchanged.
- Market Activity: Total deals increased by 1.95 percent to 6,677 trades, and the total traded value jumped by 128.85 percent to N7.37 billion. However, the total volume declined by 12.81 percent to 428.44 million units.
- Top Trading Volume and Value: Veritaskap led in trading volume with 62.08 million units, valued at N22.87 million. MTN Nigeria was the most traded in terms of value, amounting to N2.81 billion.
Conclusion: The market report indicates a mixed performance, with certain stocks experiencing declines leading to an overall drop in market capitalization. However, positive market breadth and increased trading activity suggest ongoing investor interest and engagement in the Nigerian Exchange.
