NGX stocks drop as investors record losses

The Nigerian Stock Exchange market recorded a bearish run as investors’ stocks declined slightly on Wednesday by 0.04 percent.

This comes as NGX market capitalization decreased by N21 billion, or 0.04 percent, from N59.418 trillion to N59.397 trillion.

Also, the All-Share Index dropped by 0.04 percent, losing 35 points to close at 98,023.23, down from 98,058.07 on Tuesday.

This decline reduced the year-to-date (YTD) return to 31.09 percent.

However, market breadth remained positive, with 33 gains and 23 losses.

On the gainers chart, UPL, Vitafoam, and Sky Aviation led by 10 percent each to close at N3.08, N22, and N27.50 per share, respectively.

On the flip side, PZ and Jaiz Bank led the losers chart by 10 percent each to close at N18.19 and N2.25 per share, respectively.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 71.43 percent.

A total of 538.96 million shares valued at N15.30 billion were exchanged in 10,028 deals, compared to 399.32 million shares valued at N8.93 billion traded in 9,547 deals, posted previously.

Meanwhile, Jaiz Bank led the activity chart in volume with 106.68 million shares, while MTN led in value of deals worth N5.39 billion.