NGX stock market records 0.28% losses as decline continues

As the week commenced, the domestic bourse continued its decline from the previous session, with market capitalization decreasing by N154 billion or 0.28 percent, settling at N55.357 trillion by the close of trading.

This is in contrast to the N55.511 trillion posted on Friday. Similarly, the All-Share Index which opened at 98,152.91, closed 0.28 per cent or 273 points lower, to settle at 97,879.94. As a result, Year-To-Date (YTD) return fell to 31.01 per cent.

Selloffs in Zenith Bank, Guaranty Trust Holding Company, GTCO, Dangote Sugar, Secure Electronic Technology Plc(NSLTECH), Presco Plc, and Veritas Kapital, among other top decliners, led to the market’s negative performance.

Market breadth closed positive with 25 advanced equities outnumbering 19 declined stocks.

On the gainers’ table, Sterling Nigeria led by 38k to close at N4.20, and FBN Holdings followed closely by two naira to close at N22.35.

Honeywell Flour also gained 30k, to close at N3.49 per share, Tantalizers rose by 3k to close at 36k, while Caverton added 13k, to close at N1.59 per share.

Conversely, Dangote Sugar led the losers’ table by N4.80, to close at N43.20, NSLTECH trailed by 6k to close at 54k, and CAP Plc lost N2.85 to close at N26 per share.

Berger Paints Nigeria Plc shed N1.50 to close at N13.70, and Presco Plc declined by N22.50, to close at N209 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 1.20 per cent.

A total of 277.24 million shares valued at N5.08 billion were exchanged in 8,714 deals, compared to 265.07 million shares valued at N5.02 billion exchanged in 6,582 deals recorded in the previous session.

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UBA led the activity chart in volume and value with 34.56 million shares traded in deals worth N799.45 million, followed by The Initiative Plc with 25.58 million shares valued at N46.16 million.

Transnational Corporation sold 19.39 million shares worth N269.10 million, Access Corporation traded 18.78 million shares worth N318.63 million and Zenith Bank transacted 18.71 shares valued at N589.63 million.