Connect with us


NGX market loses N259bn in market capitalization



The Nigerian Exchange Market started the week on a bearish note, with losses in the equities of medium-cap companies causing a N259 billion decline in market capitalization on Monday.

According to NGX data, BUA Cement led the losers’ chart, with a 10% drop in share value to close at N93.60 per unit from N104.

Other affected stocks included Dangote Sugar (-0.43%), Lafarge (-0.17%), Oando Plc (-2.12%), Fidson (-3.53%), NGX Group (-0.68%), Zenith Bank (-0.43%), and United Bank for Africa (-0.23%).

The market capitalization and the All-Share Index decreased by 0.66% to N38.823 trillion and 70,946.83, respectively, with year-to-date returns at 38.43%.

Transaction volume on the local bourse fell to 358.53 million units from 361.12 million trades valued at N7.10 billion, exchanged in 6,433 deals. The number of stocks traded in Monday’s session was 121.

Despite the loss, market sentiments remained positive, resulting in 33 gainers and 26 losers.

The gainers were led by Thomas Wyatt, which gained 10% to close at N2.75 per unit. First Bank of Nigeria Holdings saw a 9.93% increase to close at N24.35 per unit, while Daar Communications gained 9.68% to close at N0.34. DEAP Cap’s shares also rose by 9.68% to close at N0.68, and Neimeth gained 9.63% to close at N2.05 per unit.

McNichols’ shares lost 9.33% to close at N0.68 per unit, closely behind BUA Cement. Computer Warehouse Group lost 7.50% to close at N6.66 per unit, Mutual Benefit lost 7.14% to close at N0.52, and UPDC also dipped by 7.14% to close at N1.17.

The volume and value drivers of the day were Universal Insurance, indigenous Transnational Corporation, Airtel Africa, banking stock, and GTCO.

The performance was predominantly bearish across all sectors, as three of the five tracked sectors closed in the red zone. The Insurance, Oil/Gas, and Industrial Goods indexes recorded losses of 0.28%, 0.01%, and 4.21% respectively, while the Banking and Consumer Goods sectors advanced by 0.01% and 0.06%.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *