NGX Lost N673 Billion in Mid-Week Trading Session

The Nigerian stock market finished the mid-week session yesterday with a bearish run, as its overall capitalization lost N673 billion.

The NGX All-Share Index (ASI) lost 1,190.24 points, representing a decline of 1.20%, to close at 9,121.30 points. This led to market capitalisation declining by N673 billion to close at N55.494 trillion.

The decline was attributed to price depreciation in large and medium-capitalised stocks, which included MTN Nigeria Communications (MTNN), Transcorp Hotels, FBN Holdings (FBNH), Fidson Healthcare, and Transnational Corporation (Transcorp).

However, market breadth closed positive, as 22 stocks gained relative to 19 losers. 

Top Gainers: SUNU Assurance, Neimeth International Pharmaceuticals, and The Initiates Plc (TIP) led the chart with 10% each to close at N1.21, N1.98, and N1.98 per share. This was followed by CAP, which gained 9.90% to close at N28.85, while UPDC rose by 9.76% to close at N1.35 per share.

Top Losers: Transcorp Hotels and MTNN led the chart with 10% each to close at N87.93 and N201.60, respectively, while Oando followed with a decline of 9.90% to close at N9.10 per share. It was followed by FBNH with a decline of 9.82% to close at N19.75, while Fidson Healthcare was down by 9.75% to close at N14.35 per share.

The total volume traded declined by 31.10% to 395.751 million units, valued at N9.576 billion, and exchanged in 7,907 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 81.407 million shares worth N2.931 billion. Zenith Bank followed with account of 46.156 million shares valued at N1.691 billion, while United Bank for Africa (UBA) traded 41.600 million shares valued at N953.518 million.

FBNH traded 23.44 million shares worth N480.999 million, while Access Holdings traded 22.301 million shares worth N361.895 million.