Stock market reverses gain, sheds N337 billion
The Nigerian stock market reversed its gains from the previous session, recording a N337 billion loss for investors on Wednesday.
Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N58.852 trillion, shed N337 billion or 0.57 per cent to close at N58.515 trillion.
The All-Share Index also lost 0.57 per cent or 556.4 points to close at 96,567.24, against 97,123.61 recorded on Tuesday.
Consequently, the Year-To-Date (YTD) return fell to 29.15 per cent.
Market breadth also closed slightly negative, with 21 losers and 20 gainers on the floor of the exchange.
On the losers’ table, UBA led by 9.99 per cent to close at N31.55, and Oando followed closely by 9.98 per cent to close at N65.40 per share.
Thomas Wyatt Nigeria lost 9.79 per cent to close at N1.75, NASCON declined by 7.83 per cent to close at N30, and LASACO decreased by 7.50 per cent to close at N2.22 per share.
On the gainers’ table, Eunisell led by 9.87 per cent to close at N7.46, and Regency Alliance Insurance trailed by 9.30 per cent to close at 47k per share.
Veritas Kapital Assurance gained 9.17 per cent to close at N1.31, Daar Communications added 8.93 per cent to close at 61k, while FCMB increased by 7.73 per cent to close at N9.75 per share.
The market relapse was primarily driven by selloffs in tier-one banking tickers, namely Guaranty Trust Holding Company(GTCO), Zenith Bank and United Bank For Africa (UBA) alongside Oando Plc and Transnational Corporation, among others.
Analysis of the market activities showed trade turnover settled lower, relative to the previous session, with the value of transactions down by 60.73 per cent.
A total of 418.39 million shares valued at N10.04 billion were exchanged in 9,021 deals, in contrast to 3.60 billion shares valued at N25.57 billion traded in 10,679 deals posted previously.
Meanwhile, Sterling Nigeria led the activity chart with 79.65 million shares, while UBA led the value chart in deals worth N2.57 billion.
(NAN)
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