NGX records N176bn losses as ASI declines

The Nigerian Exchange Limited recorded a bearish trend on Wednesday as the market capitalization lost N176 billion or 0.32 percent after three days of consecutive gains.

This comes as NGX’s market capitalization, which opened at N55.437 trillion, dropped to N55.261 trillion at the close of business.

The All-Share Index also lost 0.32 percent or 307 points to close at 96,203.65, against 96,510.13 recorded on Tuesday.

As a result, the Year-To-Date (YTD) return decreased by 28.66 percent.

The development comes as Selloffs in MTN Nigeria, alongside FBN Holdings, Access Corporation, and Wema Bank, amongst other declined equities which represents the market’s weak performance.

Meanwhile, the market breadth closed positive with 35 gainers and 14 losers on the floor of the Exchange.

Further analysis of the market showed that Medical Gases led the gainer’s table by 10 percent to close at N26.40, and Chams followed with 9.95 percent to close at N2.32 per share.

Oando gained 9.94 percent to close at N57.85; Livestock Feed Plc rose by 9.91 percent to close at N2.24; and Eterna Plc advanced by 9.84 percent to close at N27.90 per share.

Conversely, Neimeth International Pharmaceuticals led the losers’ table by 9.09 percent to close at N2, while Tantalizers trailed by 8.64 percent to close at 74k per share.

Also, MTN Nigeria lost 7.91 percent to close at N184; Thomas Wyatt dropped 7.06 percent to close at N1.58; while Jaiz Bank shed 6.25 percent to close at N2.25 per share.

Further breakdown of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions lowering by 19.59 percent.

A total of 446.61 million shares valued at N4.53 billion were exchanged in 10,148 deals, compared to 443.16 million shares valued at N5.64 billion traded in 8,493 deals posted previously.

On the activity chart, Universal led in volume with 52.60 million shares valued at N18.78 million; while Japaul Gold followed with 51.80 million shares worth N145.32 million to lead the chart in value.

Prestige sold 35.82 million shares valued at N19.53 million; Tantalizers traded 35.14 million shares worth N28.22 million; and Chams transacted 28.73 million shares worth N65.52 million.