NGX Market Capitalisation Shed N849 Billion in Tuesday Trading Session

Tuesday trading finished negatively following losses of big companies like BUA Cement, Sterling Financial Holding Company, and co as they caused the Nigerian Exchange to fall. Market capitalisation lost N849 billion to close at N55.87 trillion from N56.72 trillion it finished on Monday.

The NGX All-Share Index lost 1,551.76 points or 1.50% to close at 102,108.05. Tuesday's trading session was bearish as 14 stocks gained and 46 stocks lost.

Analysts at Arthur Steven Asset Management Limited said the market decline in the past few days is due to sell-offs of equities on the NGX.

The value of traded equities declined by 60.70% to N7.60bn, while the trade volume dipped by 41.28% to 494.19 million. The number of deals executed also reduced to 11,761 from 13,674 deals a day earlier.

Top Gainers: Juli Plc and Cadbury Plc led the chart with a 10% gain each to close at N0.77 and N24.20, respectively. Meyer  Plc, Daar Communications, industrial goods company, Cap Plc, finished 9.94%, 9.09% and 4.58% to close at N5.20, N0.84 and N25.10 per unit.

Top Losers: BUA Cement and Consolidated Hallmark Holdings led the chart with a 10% decline, followed by Sterling Financial Holding Company at 9.85%, and The Initiates lost by 9.79%.

It was also reported that JAIZ Bank led in trade volume with 90,78 million units worth N226.98m  traded in 433 deals, followed by Universal Insurance with 40.40 million units valued at N16.64m exchanged in 186 trades.

Guaranty Trust Holding Company Plc and FBN Holdings had 32.95 million and 27.54 million units of their stocks valued at N1.32bn and N27.54m traded in 418 and 385 deals, respectively.

Monday Report

On Monday, the market finished with a negative trend following profit-taking in MTN Nigeria Communication PLC and 27 other stocks. Market capitalisation declined by N436.97 billion to settle at N56.721 trillion from last week's trading, which dropped at N57.158 trillion. 

The NGX All-Share Index declined by 761.42 billion points or 0.73% to settle at 103,659.81 basis points from how it opened trading at 104,421.23 basis points, bringing the Year-till-Date (YTD) gain to 38.63%.

Sectoral performance was reported to be mixed, as the NGX Insurance Index added 2.7% to 28.81 basis points, while the NGX Banking Index declined by 2.3% to 953.13 basis points.

As measured by market breadth, stock market sentiment was equal, as 28 stocks gained relative to 28 losers.

Top Gainers: Cadbury Nigeria Plc, Cornerstone Insurance Plc, Meyer Plc, Daar Communication Plc, May & Baker Plc led with 10% each to close at N22.00, N2.09, N4.73, N0.77 and N6.93 respectively. They were followed by Sovereign Trust Insurance with a gain of 9.80% to close at 56 kobo, while Ellah Lakes appreciated by 9.71% to close at N3.73 per share.

Top Losers: Abbey Mortgage Bank led the chart with a decline of 9.70% to close at N2.70 per share. Livestock Feeds followed with a 9.66% decline to close at N1.87, while Fidelity Bank fell by 9.38% to close at N11.60 per share. On the other hand, Jaiz Bank depreciated by 7.93% to close at N2.67, while MTNN declined by 5.52% to close at N274.00 per share.

The total volume traded declined by 10.81% to 841.551 million units, valued at N19.328 billion, and exchanged in 13,674 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 332.297 million shares valued at N8.955 billion.