NGX shed N183 billion amid sell offs in MTN, First Bank, Zenith, other stocks
The stock market closed on Wednesday negative as the market capitalisation decreased by N183 billion to N28.451 trillion from N28.634 trillion.
The All Share Index (ASI) also declined by 0.64 per cent to 52,775.40 points from 53,114.65 points recorded on Tuesday.
The decline was attributed to sell offs in MTN Nigeria stocks, and some Tier-1 bank stocks; First Bank of Nigeria Holdings (FBNH), Zenith Bank and Union Bank.
Consequently, the year-to-date (YTD) return fell to 23.55 per cent.
Market breadth closed negative as 26 stocks were on the laggard’s log while 11 on the leaders table.
Breakdown of the price movement chart shows that Tripple G recorded the highest gain to lead the gainers’ chart with 9.20 per cent to close at 95k per share.
LearnAfrica trailed with 5.49 per cent to close at N2.50 while Unity Bank rose by 2.13 per cent to close at 48k per share.
AIICO also rose by 1.56 per cent to close at 65k while Livestock inched up by 1.33 per cent to close at N1.52 per share.
On the other hand, Meyer led the losers’ chart, dropping by 10 per cent to close at N2.79 per share.
Linkage Assurance dropped by 8.93 per cent to close at 51k, while Union Bank Insurance dipped by 7.69 per cent to close at N6 per share.
International Breweries lost by 6.12 per cent to close at N6.90 while FBNH dipped by 5.71 per cent to close at N9.90 per share.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 23.76 per cent.
A total of 188.1billion units of shares valued at N2.36bn were exchanged in 4,890 deals.
UBA was the toast of investors, accounting for 36.42 million shares valued at N278.56 billion.
Guaranty Trust Holding Company (GTCo) came second with 24.39 million shares worth N531.3 million, while FBNH sold 17.62 million shares valued at N175.82 million.
Sterling Bank accounted for 14.28 million shares worth N21.91 million, while Zenith Bank transacted 12.84 million shares valued at N286.83 million.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
JUST IN: APC writes INEC to adopt Ahmad Lawan as placeholder clings to Yobe North ticket
The ruling party appeared to have relied on a clause that mandated primary contenders to withdraw from a race voluntarily or be arbitrarily substituted by the party.
Health
Plateau records monkeypox cases
The Plateau government says it has recorded two positive cases of monkeypox in Shendam and Bassa local government areas.
Sport
Mark ‘D’ Ball: Mo’ Heat outdunk FCT Hardrockers
Mo’ Heat Basketball Club on Wednesday outdunked FCT Hardrockers 79-52 in their opening game of the Mark ‘D’ Ball ‘Elite Eight’ Basketball Championship in Abuja.
Health
Kano varsity establishes research laboratory for cervical cancer
The laboratory, the first of its kind in northern Nigeria, will assist in researching and treating women with cervical cancer.
Politics
I’ll repeat June 12 presidential election success, says MKO Abiola’s son
“It reminds me of 1993. A lot of people came out for the first time to vote because of MKO. We are going to have a repeat of that in 2023.”
Politics
Tinubu will win 2023 presidential election, religion doesn’t matter: Yahaya Bello
“Whether a Muslim or a Christian, we are all Nigerians. It has been long that I have been advocating that we should de-emphasise what divides us.”
